The world’s third-largest cryptocurrency Binance Smart Chain continues to realize traction across the globe.
Binance, the world’s largest cryptocurrency exchange by volume, tweeted on Oct. 26 that the cumulative number of transactions on its Binance Smart Chain (BNB) has surpassed 1.5 billion. The network achieved this milestone a mere 14 months after its launch on Aug. 31, 2020.
According to BscScan, the daily number of transactions on the blockchain recently surged to over 10 million — simply shy of its all-time file excessive of 13 million again on July 29. There additionally look like greater than 108 million distinctive pockets addresses on BSC’s blockchain, compared to about 650,000 in the beginning of the year.
In recent months, the BSC network has become a viable Ethereum competitor in terms of each cost and effectivity. Primarily based on data from YCharts, common gas prices and block times on the Ethereum network amount to $131.87 and 13.33 seconds, respectively. Meanwhile, it takes only 3.02 seconds to mine a new block on the BSC, with customers paying, on common, $6.64 in gas charges to execute smart contracts on the blockchain. Nonetheless, BSC is far more centralized than the Ethereum network, with only 21 approved validators.
Changpeng Zhao — the now billionaire founder of Binance — has said that he has formidable plans to develop BSC. Earlier this month, he introduced a $1 billion accelerator fund to advance BSC and the cryptocurrency ecosystem. At the moment, the most well-liked decentralized application, or dApp, on BSC is PancakeSwap — a decentralized exchange, or DEX. In line with CoinGecko, PancakeSwap has more than 2,436 altcoins available for trading.