Tuesday, April 13, 2021
Ethereum Binance Smart Chain Daily Transactions 200% More Than Ethereum’s

Binance Smart Chain Daily Transactions 200% More Than Ethereum’s

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Binance Smart Chain (BSC) is enjoying a steady flow of unique addresses which has also resulted in a massive surge in the daily transaction count the network is processing.

BSC Transactions 200% More Than Ethereum’s

Binance Smart Chain is undoubtedly one of the most popular networks amongst DeFi enthusiasts. Its capability to handle a large number of transactions per second efficiently has made it a preferred hub for various projects and users.

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The network is surging in popularity, and this is perfectly exemplified by its core metrics, including the daily transactions count.

As of April 7th, 2021, BSC set a record of more than 4 million daily transactions – it’s the current all-time high for the blockchain. Interestingly enough, Ethereum saw a little less than 1.3 million, which is a difference of more than 200%.

It’s interesting to note that the unique addresses on BSC are a lot less compared to those on Ethereum – 63 million vs. 147 million, respectively. This means that users on BSC are definitely more active compared to those on Ethereum.

High Ethereum Fees Main Cause

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While BSC in itself is a competitive network with scalable technology, its quick uprising and popularity boost were most likely caused by the sky-high transaction fees on Ethereum.

At the time of this writing, the fees on BSC are absolutely incomparable when stacked against these on ETH. A transaction would cost an average of $18.5 on Ethereum at the time of this writing, while it would cost just a few cents on BSC. The difference is significant, and it makes network interactions a lot more efficient and effective.

Moreover, despite the skyrocketing daily transactions, as of yesterday, BSC was working at a 52% capacity. Ethereum, on the other hand, continues to be clogged, working at a whopping 98.65% capacity.

It’s thought that Ethereum 2.0 will solve the current scaling issues. Before it comes to light, however, layer-two scaling solutions should provide some breathing room. As CryptoPotato recently reported, Vitalik Buterin said that the network “could scale 100x in a few months.”

It’s interesting to see how competitive networks will perform once (and if) Ethereum manages to handle its current issues.

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