The world’s third-largest cryptocurrency is gaining traction around the world.
On Oct. 26, Binance, the world’s largest cryptocurrency exchange by volume, tweeted that the total number of transactions on its Binance Smart Chain (BNB) had surpassed 1.5 billion. The network reached this milestone just 14 months after its initial launch on August 31, 2020.
According to BscScan, the daily number of blockchain transactions recently surpassed 10 million, falling just short of the all-time high of 13 million set on July 29. There appear to be over 108 million unique wallet addresses on BSC’s blockchain, up from around 650,000 at the start of the year.
In recent months, the BSC network has emerged as a viable competitor to Ethereum in terms of both cost and efficiency. According to YCharts.com data, the average gas price and block time on the Ethereum network are $131.87 and 13.33 seconds, respectively. Meanwhile, mining a new block on the BSC takes only 3.02 seconds, with users paying an average of $6.64 in gas fees to execute smart contracts on the blockchain. However, with only 21 approved validators, the BSC network is far more centralized than the Ethereum network.
Changpeng Zhao, Binance’s now billionaire founder, has stated that he has ambitious plans to expand BSC. He announced a $1 billion accelerator fund earlier this month to advance BSC and the cryptocurrency ecosystem. PancakeSwap — a decentralized exchange, or DEX — is currently the most popular decentralized application, or dApp, on BSC. PancakeSwap has over 2,436 altcoins available for trading, according to CoinGecko.