The rapid growth of the cryptocurrency space has been the fuel for several innovative projects, which have become a norm in the space recently. The successes of many tokens in the space continue to draw many to the Blockchain space, as everyone wants to get into the party.
The innovation has created several smart chain decentralized applications (dapps), much to the delight of many crypto users. Binance Smart Chain, one of the latest innovations of the cryptocurrency space, according to recent data, is now being flocked many several crypto users due to its dapps.
Several dapps on the blockchain are growing in numbers
The growing popularity of the dapps on the Binance Smart Chain blockchain continues to increase, even though the blockchain was launched last September. The Binance-backed public blockchain, despite its centralized nature, is growing in affluence across the Blockchain space. One of the decentralized exchanges on the blockchain, Pancakeswap, has now seen the number of its active wallet users soar higher than Uniswap, a much more popular Ethereum-based DEX.
Uniswap is some parent DEX to Pancakeswap, but the latter’s growth cannot be ignored, as Pancakeswap now boasts of trading volumes of more than $600 million since it registered on Binance Smart Chain. Dapps like Autofarm and Goose Finance have also proven in the last two weeks to be one of the most utilized dapps on the Binance Smart Chain, as they have now moved into a list of the top ten most preferred dapps on the Binance Smart Chain.
A 79% growth of autofarm users in one week, coupled with 63% growth of Pancakeswap users on the public blockchain, further confirms that its dapps are currently pulling the weights.
Can lower fees be the reason why?
The Binance Smart Chain was built last year, based on an Ethereum backing, and currently can host Ethereum backed applications. A reason behind the flocking of the dapps of the public blockchain has been touted to be its lower transaction fees when compared to Ethereum. Several Ethereum dapps users have now found a home on the Binance Smart Chain, which prefers lower fees and faster transaction speed.
The BNB token is the official token of the Binance backed public blockchain. The token had also been successful recently, as its prices have plummeted by more than 600% to trade at about $330 in today’s prices. Many analysts are impressed with how far the Binance Smart Chain blockchain has been so useful of late, as the blockchain continues to rival Ethereum, the most preferred blockchain by many dapps and dexs.
Ethereum had enjoyed a no competition trading in the past few years, as its recent increase in gas fees have now started to force several dapps and dexs to other competitors like Binance Smart Chain- which is now touted for further success through the cause of the year.