Binance’s new blockchain, Binance Smart Chain [BSC], has been a recent addition to the crypto-exchange’s ecosystem. The BSC already features over 100 projects, with the team now planning to develop the Decentralized Finance [DeFi] infrastructure. In fact, according to a recent blog highlighting the BSC’s roadmap and vision for the year 2021, BSC was able to capture $1.2 billion in total transactions within a month of its launch.
That’s not all, however, as according to a recent update, Binance Smart Chain daily transactions hit an ATH of 771k on 28 January.
This is a crucial development, one contributed to by a host of projects, many of which are processing huge numbers of users and transaction volumes. These projects include wallets, trading markets, NFTs, oracles, payment platforms, and insurance platforms, among others, with many of these like BurgerSwap, Cream Finance, and Chiliz gaining prominence in the crypto-space lately.
With 930k unique addresses on the BSC blockchain, it processes almost 40% of the number of transactions processed on Ethereum. The average gas fees are reasonable for BSC users and in order to expand its use case, Binance Bridge recently announced the addition of a new feature to pay for gas using BNB.
The vision of BSC 2021 is to build a cross-chain financial infrastructure and the addition of BNB appears to be a step towards it. This would allow users who want to swap their tokens to the CEP20 equivalents on BSC to choose to buy BNB to pay for gas at the same time.
In fact, it recently saw pNetwork release a BSC-Ethereum bridge, one which will enable significant cryptocurrencies and non-fungible tokens [NFTs] to be tokenized and moved onto the BSC. Although the crypto-market has been noting a period of stunted growth lately, the BSC blockchain has been seeing great adoption by users and increased use as the gas fee remains low, triggering usability.