![]() ![]() In terms of projects, the BSC DeFi ecosystem now boasts of over 480 projects. However, the Binance Smart Chain seems to be catching up as the TVL in BSC’s DeFi ecosystem has reached $34B with 66 million unique addresses. This is significant not just because of the massive transaction volume for the network but also considering the fact that Ethereum is one of the top blockchains for decentralized finance.Įthereum is particularly relevant in the DeFi space as many of the biggest DeFi platforms are mounted on Ethereum. ![]() Binance Smart Chain to the MoonĪs of April 22, 2021, the Binance Smart Chain surpassed Ethereum’s daily transactions by a whopping 600% to hit 9 million transactions in comparison to Ethereum’s 1.5 million. However, as these platforms expand and develop autonomously, the capability for various blockchains to interact and share information has emerged as a crucial factor for the growth and success of the blockchain ecosystem. This has also been a good week for the Binance Smart Chain as it has now surpassed Ethereum in daily transactions. Ethereum, Binance Smart Chain, and other blockchain platforms have become dominant ecosystems in this domain. This past week has been good for Binance as a whole as it announced the support for tokenized stocks on its platform. The cross-chain bridge simply serves as a method of bidirectionally transferring ERC20/BEP20 tokens between the Ethereum Network and Binance Smart Chain network in a quick and cost-efficient manner. BSC uses a consensus mechanism known as Proof of Staked Authority (PoSA). This is a unique solution to build an application built between Binance Smart Chain and Ethereum. The network has been well-known for its fast transaction speed and versatility in terms of the applications being built on it. The core design of Binance Smart Chain is to address some of the long-running challenges of Ethereum, particularly gas fees and transaction speed. The Binance Smart Chain is also one of the most revered blockchain networks in the industry and utilized for the formulation of blockchain applications as well as digital assets. Binance as an exchange is one of the most popular in the entire crypto sector with millions of users worldwide. ![]()
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