The Binance Smart Chain Rivals Ethereum And Here’s Why

The Binance smart chain rivals Ethereum in terms of transaction volumes but it’s all because of one dapp as we are reading more in today’s crypto news.

The total transaction volume on the Binance Smart Chain since the start of February reached $24 billion and at this rate, BSC could become the number one blockchain in regards to the transaction volume as the researchers noted. One single decentralized application is responsible for the growth and it is Venus. The Binance Smart Chain rivals Ethereum on some key network numbers but as per DappRadar’s reports it all depended on one single application:

 “In January BSC reached new heights in terms of transaction volumes and unique active wallets. If the trend continues in February, BSC might become the number one blockchain in terms of transaction volume.”

PancakeSwap is the most used #DeFi product on DappRadar right now!

In the past week, @PancakeSwap has seen its user base grow over 36%, reaching 54.4k active wallets! @BinanceChain @cz_binance

Read more 👇 https://t.co/8fIi22N9DS

— DappRadar (@DappRadar) February 10, 2021

The total transaction volume on BSC hit $15 billion which is considerably compared to the past months. Binance Smart Chain has everything that appears as out of 66 BSC-based decentralized applications, Venus is responsible for over 90% of the total transaction volume. With $24 billion of value transferred in the first half of February alone, it became the biggest dapp by this metric. In comparison, Etheruem-based dapp Curve is the second biggest dapp across all blockchains which generated over $18 billion in the same timeframe. There are huge differences between Binance Smart Chain and Ethereum with the latter having a bigger ecosystem and transaction numbers spreading widely among the bigger number of dapps. It is also decentralized with thousands of developers.

Binance Smart Chain is supported by a centralized exchange and has plenty of centralized elements that are able to process transactions at such a low cost. The rapid growth managed to rub off on the Binance Chain and the token reached a new all-time high of $100 and continued rallying to $130. While PancakeSwap can’t really brag about the similar performance in terms of transaction volumes, it is ranked by the total number of active wallets with only 12,000 users behind Uniswap. The researchers noted:

 “The reasons behind such a surge could be that PancakeSwap added more gamification recently, adding non-fungible tokens (NFTs), profiles and teams. Through these playful elements they want to onboard new users into the DeFi ecosystem while giving them early access to liquidity pools, and exclusive digital collectibles.”