TL;DR Breakdown
- Binance Coin (BNB) and transactions on Binance Smart Chain have reached another all-time high.
- Transactions on BSC have increased by over 1,000 percent since the beginning of 2021, following the clog on Ethereum.
The number of projects and users on the Binance Smart Chain (BSC) ecosystem has significantly increased in recent months. There are presently more users on BSC as the daily transaction count on the network just reached another all-time high (ATH).
This follows the congestion on Ethereum, which made the network more expensive for small users.
Transactions on BSC reach record high
According to BSCScan, the BSC network had another high of 3,906,615 transactions on Monday. This is the highest number of daily transactions ever noted on the network, which is indicative that BSC is the most used blockchain network. Within the same period, Ethereum only recorded about 1.296 million transactions.
It’s no surprise that BSC could overtake Ethereum in daily transactions due to the clog on the network. Some users had to switch to BSC-based projects for cheaper transactions, while some Ethereum-based projects had to relaunch on BSC. These platforms include the Basic Attention Token (BAT), decentralized finance (DeFi) project 1inch, and so on. For the record, daily transactions on BSC have increased by over 1,000 percent since the beginning of the year.
Binance Coin at ATH
While BSC transactions surged, the native cryptocurrency of the Binance ecosystem, Binance Coin (BNB), was also posting massive gains amid high demand. Earlier today, BNB also reached another ATH at $388, according to Coinmarketcap. Binance Coin has slightly dropped to $382.78. it’s currently the third-largest cryptocurrency with a market capitalization of almost $60 million.
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