This month, Binance Smart Chain has updated previous highs of two chain metrics. First, the number of active users surpassed 2 M for the first time on November 4.
Then, on November 16, transactions across BSC hit a new record of 14,758,407. Overall, this is the highest number of activities that any blockchain has processed in a day.
BSC has had steady growth in 2021. The competition between Binance and Ethereum becomes stronger. The highest number of transactions on Ethereum, 1.716.600, was reached on May 9, 2021.
The main reason for this is the high fees for Ethereum’s operations. While layer two solutions offer ways to scale the network and decrease fees, prices continue to stay high for now. As EtherScan shows, the current base fee is 89 gwei.
At any rate, Ethereum is the leading blockchain by the number of projects based on top of it and by the total value locked in its smart contracts. According to DeFi Llama, Ethereum’s TVL currently stands at over $171 billion, and that of BSC at $19.4 billion.