- Binance Smart Chain processed ten times more transactions than Ethereum at its peak.
- Binance Smart Chain (BSC) is one of the most stable DeFi ecosystems, with a large number of retail users after Ethereum
- A large number of investors are using both Ethereum and Binance Smart Chain.
Ethereum users seek other choices. Ethereum gas prices reaching up to $80 for just peer-to-peer transactions and hundreds of dollars for complex peer-to-contract operations during peak periods of traffic, made users try other chains.
Ethereum Users Look for Alternatives
Ethereum’s high gas price made investors with smaller wallets priced out, forcing them to look for other investments openings. Binance Smart Chain (BSC) is now a major competitor to Ethereum. Binance Smart Chain (BSC) beat Ethereum with faster transaction times and lower costs.
Binance Smart Chain (BSC) processed almost ten times more transactions than Ethereum in May and August. This report is according to the data given by blockchain firm Nansen.
Speed, ease of use, cross-chain march are marked by Binance Smart Chain (BSC), but not decentralization. This means the protocol can handle a lot more operations than Ethereum. Transaction fees are greatly reduced as a result.
Binance Smart Chain’s data shows that a good number of smart money addresses have used both Ethereum and BSC.
In April, PancakeSwap, the largest decentralized exchange on Binance Smart Chain, surpassed Ethereum in daily transactions, according to Nansen’s study. Furthermore, according to the research, larger investors are moving to Binance Smart Chain.
Smart money users, which Nansen defines as liquidity providers, whales, and funds, could signal probable hopeful signs.
7.4% of crypto funds, 45.6 percent of arbitrage traders, and 39.1% of major liquidity providers use both BSC and Ethereum.
Other Layer 1 protocols like Solana, Avalanche, and Fantom are also rising. So it’ll be amazing to watch how Ethereum and Binance Smart Chain go against them.
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