Competitor of ETH has already handled 1.5 billion transactions

Cumulative the total number of transactions on the Binance Smart Chain (BSC) exceeded 1.5 billion because the network is still gaining in popularity in the rapidly evolving DeFi space.

Impressive growth of Binance Smart Chain

Competitors of Ethereum grow faster day by day. World’s largest crypto exchange Binance announced the total cumulative transactions on the Binance Smart Chain (BSC) exceeded a total of 1.5 billion.

The number of total transactions on #BinanceSmartChain crossed 1,500,000,000 just a few hours ago. #BSC community is unstoppable 🚀 pic.twitter.com/nSoO6sfj0s

– Binance Smart Chain (@BinanceChain) October 27, 2021

Interestingly, the network BSC has reached this milestone of transactions in just 14 months since its launch last year on 31 August 2020. According to data from BSCScan daily transactions on the Binance blockchain exceeded 10 million, which is just a short distance from its historic high 13 million as of 29.7. this year.

In addition, there has been a huge increase in the number of unique wallet addresses on Binance. At the beginning of 2021, there were about 650,000 unique addresses. Today, blockchain has a total of BSC 108 million unique wallet addresses.

A great rivalry with Ethereum begins

As already mentioned, the Binance Smart Chain (BSC) has entered a strong competitive environment with a blockchain network ETH. Blockchain Ethereum is dominant player for the implementation of smart contracts.

The BSC network turns out to be Ethereum’s strong competitor in terms of cost and performance. It is currently average gas price for for the execution of smart contracts on the blockchain Ethereum $ 131.87 while the average block creation time is 13.33 seconds. On the other hand, extracting a new block at Smart Chain Binance it takes just 3 seconds.

At the same time users BSC pays an average of $ 6.64 on gas charges for the execution of smart contracts on the blockchain. The only place the BSC suffers is number of approved validator swhich are very few. Thanks to that BSC more centralized compared to the ETH blockchain network.

Founder of Binance Changpeng Zhao he said he had ambitious plans to further expand the Binance Smart Chain (BSC) ecosystem. Earlier this month Binance announced your growth fund of $ 1 billion to expand the Binance Smart Chain ecosystem.

“Working with leading organizations, the investment fund will focus on scaling blockchain technology for everyday use, bridging the gap between crypto-blockchain and today’s techno-financial sectors.”

Binance Smart Chain hosts some of the most popular decentralized applications (DApps). It is also home to some of the most popular decentralized exchanges (DEX) such as PancakeSwap. Currently, PankcakeSwap has trade more than 2 436 altcoins.