Binance Smart Chain Blockchain Volumes
The crypto-currency trading Binance Smart Chain allegedly accounted for 21% of the Ethereum transaction value.
The number of transactions on the Smart Chain Binance is roughly 21 per cent of the Ethereum transactions number, according to a tweet of Binance CEO Changpeng “CZ” Zhao. Despite the recent unveiling of the new blockchain, it was possible in the sphere of decentralized finance (DeFi) to gain a foothold on Ethereum.
At the same time, the CEO noted that the Commission is 0.6% of transactions on the Ethereum network. It turned out that transactions in the BSC network are 35 times cheaper than transactions in the ETH network.
Yesterday, #BinanceSmartChain handled roughly 21% of transactions compared #ETH, while only charging 0.6% of the fees, making #BSC about 35x cheaper.Maybe this is bad for #BNB price (and nodes, for now), lol. But it’s good for users & developers. CZ Binance @cz_binance
Zhao continued by claiming that BNB’s market capitalization is one-tenth Ethereum’s while providing a DEX blockchain, daily coin flares, and usage fee discounts on Binance.
What is Binance Smart Chain?
Binance Smart Network is a parallel Binance Network blockchain that helps you to create intelligent contracts and an offer process for BNB. Any person or association involved in the BNB can gather stakeholders to become a validator.
The BSC launch would dramatically expand the use of Binance Chain and BNB, an Ethereum Virtual Machine-compatible blockchain ready for test-driven operation by some of the top projects in the crypt-producing industry.
BSC builds an environment by implementing the trust process Proof of Staked Authority (PoSA), in which validators, token owner, developers and consumer all benefit from a rewarding blockchain providing high performance and sufficient potential for further development.
However, some experts question the safety of this approach in building a secure network. The lack of a Proof-of-work mechanism in the BSC network can compromise the security of transactions, especially when it comes to Decentralized Finance (DeFi).
Binance cryptocurrency exchange is in the trend of DeFi projects. Binance’s Launchpool gives investors a 78% return a year.