The BSC official Twitter account launched by Binance said in a tweet. The total number of transactions on Binance Smart Chain exceeded 1.5 billion a few hours ago. The BSC community is unstoppable.
Amazingly, the Binance Smart Chain launched on August 31, 2020 took only 14 months. Just set this amazing milestone.
According to the official blockchain browser BscScan data. The number of daily transactions on the BSC chain has recently grown steadily and has exceeded 10 million. It is expected to challenge the historical high of 13 million daily transactions set on July 29.
While the number of transactions has grown rapidly, the number of independent addresses on the BSC chain has also risen sharply. At the beginning of this year, the number of independent addresses in BSC was only 650,000. At present, the total number of addresses has exceeded 108 million. This is an increase of more than 166 times from the beginning of the year.
A strong competitor of Ethereum
In recent months, BSC has become a powerful threat to Ethereum, which suffers from high transaction fees in terms of cost and transaction speed. According to YCharts.com data, the average gas fee for Ethereum is $131.87. The average block time is 13.33 seconds. In comparison, the average block time of BSC’s network is only 3.02 seconds. And users only need to pay a gas fee of $6.64 to execute smart contracts on average.
BSC has become a potential rival of Ethereum by virtue of its technical advantages such as 19 times lower gas fees than Ethereum and 4 times faster transaction speed.
However, although BSC’s transaction volume and ecosystem are booming, its degree of decentralization has worries users. Because it currently has only 21 approved super nodes that can generate blocks.
Binance establishes $1 billion growth fund
Binance has been actively promoting the Binance Smart Chain recently. The company issued a statement on the 12th of this month announcing the launch of a $1 billion cryptocurrency growth fund. It is advertised as the largest growth fund in the history of the cryptocurrency industry.