The several innovations witnessed in the past weeks by the Blockchain space continue to outline the efforts being made by several players in the space to combat the boom of the space. Binance, a world-renowned cryptocurrency exchange, has been at the center of many cryptocurrency services like Crypto trading, wallet services, crypto payment services, and a host of other services. However, In a recent report, Binance Smart Chain launched by Binance last September, a blockchain designed to assist smart contract functions, is now outperforming Ethereum in daily transaction counts.
Binance Smart Chain executing at least 70% more daily transactions than Ethereum
The popularity of the Binance powered blockchain network continues to soar, as many are now choosing it over popular networks like Ethereum. The main reason behind this popularity and sudden preference of the Binance smart chain is its lower transaction fees and faster transaction speed than Ethereum. The overall daily transaction of the barely six months old network has been alarming and has left several analysts flabbergasted.
The Binance Smart Chain’s growth is seemingly taking its toll on the famous DEX, Pancake Swap, currently performing. The decentralized exchange at the moment is the largest on Binance Smart Chain, boasting a market cap that has now surpassed $1.3 billion amidst several surges in prices in the past few weeks. The transaction volume of the Binance Smart Chain at 2.1 million, compared to Ethereum’s 1.3 million, further stresses the point of comparison with Ethereum.
Another impact of the Binance Smart Chain blockchain’s rising fortunes is that it has also influenced the surge in prices of the Binance coin. The project had simultaneously also gotten the interest of many Ethereum developers, who will now be expected to work on it.
Binance Smart Chain is sending a message to others
Binance Smart Chain is currently leading the push for what analysts have been calling for in the past few weeks- competition. The general belief that competition is healthy for any business is technically driving Binance Smart Chain over the moon. Another reason touted to be behind the sudden interest in the new blockchain network is that several crypto users want to test the waters and see if Binance Smart Chain will be their new home. The long-term effect of this push is that several blockchain technologies will start to upgrade their services to continue to gain ground.
Justin Sun, the tech founder of the Blockchain platform TRON, is popular on social media for a few controversies, but no one can deny the impact of TRON’s tech guru’s marketing approach. Last month, Sun was seen convincing a few crypto users complaining about the high gas fees of Ethereum to consider doing their business with TRON. This approach improves the visibility of his Blockchain network. However, many blockchain service firms must now wake up, as the new spring of network is poised to take over the market, which will be beneficial to the overall growth of the Cryptocurrency space.