A spate of activity related to the decentralized cryptocurrency PancakeSwap has helped increase the number of deals on Binance’s smart contract blockchain, Binance Smart Chain (BSC), to five times that of the recognized industry leader Ethereum.
Although the Ethereum blockchain processed an archive of 1.56 million deals on Wednesday, BSC registered a total of 9.13 million deals based on data from EherScan. The BSC-based PancakeSwap, which provides liquidity from traders using tokens known as “farmers”, processed more transactions alone than Ethereum. PancakeSwap contributed well over 2 million to BSC’s transactions, around 20% of the total day.
The PancakeSwap (CAKE) coin, which represents the emerging platform’s own tokens, has grown 46 times this year and has a market capitalization of around $ 4.2 billion.
“New entrants in retail appear to be coming to BSC / PancakeSwap directly through TrustWallet because of the low fees,” tweeted Avi Sanyal, who is responsible for trading at BlockTower Capital.
BSC outperformed Ethereum in daily deal amount and unique active wallets in the first quarter as rising deal spending on Ethereum known as gas fees has delivered traders to BSC, Tron along with other competing blockchains, according to a research report .
Ethereum has become a success target of its own as the record-breaking task has attracted computer software that is blockchain-focused, but also created network congestion, which drove up transaction costs. The blockchain, which focuses on “smart contracts” or embedded elements of programming rules that automatically handle financial tasks like financing and trading, processed $ 1.5 trillion in transactions in the first quarter. According to Messari, this amount is greater than the total number of the last seven quarters.