Binance Smart Chain continues to grow as it’s becoming more and more popular among the cryptocurrency community, especially those who are tempted to explore interesting DeFi capabilities on the network. Undoubtedly, the low fees and quicker transaction settlement compared to Ethereum’s blockchain are a strong incentive for a lot of users.
BSC Daily Transactions Now 70% More Than Ethereum’s
Binance Smart Chain sees an increased number of users getting attracted to it on a daily basis. This is also reflected in the overall volume of the daily transactions on both networks.
It’s also worth noting that the largest automated market maker and decentralized exchange on Binance Smart Chain, Pancake Swap, is also growing in popularity.
— CZ 🔶 Binance (@cz_binance) February 17, 2021
This was yesterday. Following the most recent market developments, PancakeSwap’s CAKE token is already sitting on a total market capitalization of $1.39 billion after a 30% surge in the past 24 hours.
Other Metrics Also Impressive
As CryptoPotato reported a couple of days ago, the number of unique addresses on the Binance Smart Chain tripled in a week.
The amount of daily gas used on BSC is also increasing exponentially. On February 17th, the number reached almost 300 billion with an average gas price of 16.5 GWEI. Transactions remain negligibly affordable, and they continue to receive almost instant confirmations.
All of this has brought an influx of developers and projects building on top of BSC and has also caused the price of Binance Coin to surge.
In the past 24 hours alone, BNB saw an increase of about 35%, and it’s currently trading just shy of $200 – a major milestone for the cryptocurrency. It’s also worth noting that it’s up 430% since the beginning of the year, making it one of the best-performing coins on the top 10.