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Jafrin Ahmed
Feb 3, 2022
by Jafrin Ahmed

Binance Smart Chain Overtakes Ethereum, Polygon in Active Addresses

Binance smart chain Ethereum Polygon
The total number of monthly active addresses on Binance Smart Chain (BSC) hits 10.4 million addresses surpassing even that of leading L1 blockchains including Ethereum, Polygon, and Fantom, according to the blockchain analytics platform Nansen.

Ethereum recorded a total of 5.44 million unique active addresses, followed by Ronin at 3.4 million, Polygon at 2.36 million and Fantom at 414,000, respectively. At its peak in late November, daily transactions on BSC hit 1,345% of Ethereum’s.

The number of addresses on Binance Smart Chain continues to grow at a rate unparalleled to all other blockchains and can be mostly attributed to users’ intention to participate in newly launched projects on the network.

For instance, new cryptocurrencies are launched on Binance-based decentralized exchanges such as PancakeSwap and PooCoin, almost on a daily basis. While not all of them guarantee massive returns, some of the projects, like Baby DogeCoin (BabyDoge) have turned average income earners into overnight millionaires.

Preferring BSC Over Ethereum

Binance Smart Chain (BSC) made immense traction in early 2021 thanks to Ethereum’s congestion and gas fee issues, which caused developers and staking investors to look for other options.

BSC is a blockchain network built for running smart contract-based applications in parallel with Binance’s native Binance Chain (BC). This allows users to get the best of both worlds i.e. the high transaction capacity of BC combined with the smart contract functionality of BSC.

Furthermore, Binance Smart Chain also implements the Ethereum Virtual Machine (EVM), which allows it to run Ethereum-based applications. The aim of the platform is to enable developers to build decentralized applications and help users manage their digital assets cross-chain with low latency and large capacity.

 

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Binance Smart Chain Overtakes Ethereum, Polygon in Active Addresses
Jafrin Ahmed
Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

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