Binance Smart Chain Network Gaining Ground on Ethereum Transaction Volume

Cryptocurrency exchange Binance’s blockchain platform reportedlyaccounted for 40% of the transaction volume of Ethereum. 

According to a tweet by Binance CEO Changpeng “CZ” Zhao, the transaction volume on Binance Smart Chain network was roughly 40% percent of that of Ethereum. Despite being a relative newcomer, the new chain has managed to gain ground on Ethereum in the space of decentralized finance (DeFi). 

Zhao continued, pointing out that BNB’s market cap is one-tenth of Ethereum’s, while offering a “native fast” DEX blockchain, periodic coin burns, and user fee discounts on Binance. 

In another tweet, Binance’s CEO explained that the exchange’s Smart Chain platform is an improvement on existing networks, making the model “faster and cheaper.”

According to BSCScan, Binance Smart Chain transactions surged to over 400,000 on September 14, compared to Ethereum’s one million daily transaction volume. 

Binance has benefited from the rise in DeFi and yield-farming interest throughout 2020, with farming clone BurgerSwap accounting for almost $400 million in staked BNB on its launch day. 

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