Yesterday, Binance Smart Chain (BSC) surpassed the daily transaction volumes of Ethereum by a whopping 30%. Despite this increase, the price of gas remained low, around 0.04 cents, whereas Ethereum had an average fee cost of $5.53 yesterday.
The reason why BSC was able to get its volumes up so much would be because of the DeFi projects, as there are over 100 decentralized finance projects on this blockchain.
With these words, the CEO of Binance, Changpeng Zhao (CZ), celebrated the event:
“We are thrilled to see in just six months since we officially launched Binance Smart Chain (BSC) that we have flipped Ethereum on daily transactions. With low fees, faster network and interoperability between blockchains, we have been able to attract more users and projects. We will continue to work with the BSC community as well as our ‘Most Valuable Builder’ accelerator program to build more.”
The projects on Binance Smart Chain that are driving up volumes
A few days ago, the exchange had launched the program called “Most Valuable Builder” in order to accelerate the adoption of Binance Smart Chain by the community and developers. The program will support BSC-based startups in terms of economics and marketing.
Currently, BSC supports 42 different cryptocurrencies thanks to cross-chain technology and in total, we are talking about a market value of $1.8 billion.
All this has increased the number of BSC transactions to 1.66 million. There are $4.2 billion BEP-20 tokens using BSC.
Win $5,000 with Binance
On another note, Binance P2P announced today a program called Learn & Earn to give away $5,000 in BNB. To do so you will need to use the platform to trade with ARS, VES, COP, MXN, CLP, PAB, PEN, BOB, BRL, NGN, GHS, KES, ZAR, INR, IDR, PHP, THB, VND and UAH.
To participate, the program is open from today until February 24th.
The Binance Blockchain Week event
During the event, Binance X announced a hackathon with a $60,000 prize.