Binance Smart Chain sets new transaction record

The Binance Smart Chain (BSC) has set a new record in terms of number of blockchain transactions. On November 16, the blockchain recorded a whopping 14.7 million transactions. This has never been achieved before by any blockchain to date.

Breaking the record seemed only a matter of time

This means that the number of average transactions per day has jumped by more than 12%. While this is obviously quite a leap, it seemed only a matter of time until this record was broken. Indeed, the number of transactions on the blockchain network has steadily increased since its creation. In the past 2 weeks, the BSC has recorded at least 10 million transactions every day.

Currently, the BSC therefore has an ecosystem with a high transaction speed at a low cost. This contributes to a high transaction average.

The BSC also shows many similarities with the Ethereum (ETH) blockchain, but currently performs better on a number of points. BSC’s record-breaking daily transaction volume is reportedly around 13x more than Ethereum’s daily top trade, which registered around 1.2 and 1.3 million per day in recent days.

Binance Smart Chain and Ethereum

Currently, BSC’s blockchain is significantly cheaper than Ethereum. Total transaction costs on BSC so far are around €706 million (approximately 1.4 million BNB), while Ethereum has brought in transaction costs of over €10.5 billion (approximately 2.6 million ETH).

This growth makes the BSC a tough opponent for Ethereum in one fell swoop. What started out as an ERC20 token has grown into an ecosystem for decentralized applications.

This is evident, because BSC currently houses more than 800 DApps and NFT projects. It has consistently logged more active addresses over the past few months than Ethereum has. Alpha Finance and PancakeSwap, among others, are on BSC’s network.

It is not unknown that Ethereum is currently facing various problems. However, with Ethereum 2.0, this may change. It is therefore too early to say that, for example, BSC would be an “Ethereum killer”. The main problem for Ethereum right now is the cost issue. This has contributed greatly to the growth of various altcoins, including Cardano, Polkadot and Solana. However, it is not known what exactly will happen if this cost problem is solved.

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