The Binance Smart Chain (BSC) has reached another all-time high in daily transaction volume.
Over the recent weeks, the transaction volume on Binance Smart Chain has increased significantly as many people and projects are switching to the centralized network for cheaper and faster transactions. This comes amid the congestion on Ethereum, which has caused slower and expensive transaction fees for the second-largest blockchain network.
BSC Topped 3 Million in Daily Transaction Volume
Following the BSC Scan data, a total of 3,726,576 transactions were made on the network as of March 16, which is the highest number of daily transactions on BSC since its inception. This is not surprising as many projects are increasingly being developed on the network. Additionally, some other projects have migrated from the Ethereum blockchain to the BSC network for cheaper and faster transactions.
Early this month, SushiSwap launched on the Binance Smart Chain and a few other blockchain networks, including Fantom, in a bid to escape the expensive transaction fees plaguing the root network, Ethereum. Meanwhile, the decentralized exchange (DEX) is currently the largest in the DeFi market, with about US$4.59 billion in assets locked.
On March 16, Ethereum recorded about 1.3 million in daily transaction volume.
What is Killing Ethereum?
The activities on the Ethereum blockchain increased significantly, probably due to the boom in the decentralized finance industry and the non-fungible tokens (NFTs) market. However, the increased usage of Ethereum resulted in network congestion, making it very expensive to use.
The developers are looking to resolve this scalability issue through the Serenity upgrade, also known as Ethereum 2.0. This major upgrade is expected to be completed and deployed in the next two to three years, hence, many Ethereum users fear that the network might continue to lose more projects and users if no immediate action was taken by the developers to solve the issue.
As a temporary solution, however, Ethereum developers are planning to deploy rollups, which is a layer-two solution that will scale the current Ethereum network by 100x, according to Vitalik Buterin, the co-founder of Ethereum. He added that the planned solution would address the congestion issue on the network until Ethereum 2.0.
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