Binance Smart Chain Transactions are Now 5x More than on Ethereum as PanCakeSwap Becomes the Largest DEX

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The number of transactions on the Binance Smart Chain (BSC) is now 5x that of Ethereum based on EtherScan data.

As of April 23, 2021, BSC total transaction volume stood at 9.13 million compared to 1.56 million on Ethereum as PanCakeSwap surpasses UniSwap to become the largest DEX in the DeFi space.

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SEE ALSOHere are the Latest Top Trending Binance Smart Chain Projects and Pools as $BNB Hits All-Time Highs

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Below is breakdown of the stats:

  • Ethereum blockchain processed 1.56 million transactions by April 22, 2021
  • Binance Smart Chain processed 9.13 million transactions by April 22, 2021
  • PanCakeSwap contributed more than 2 million of BSC’s transactions – 20% of the total
  • PanCakeSwap coin price ($CAKE) has jumped 46x in 2021 with a market capitalization of about $4.2 billion
  • A majority of new entrants entering BSC / PanCakeSwap is through the Trust Wallet
  • Ethereum settled $1.5 trillion worth of transactions in Q1, 2021 – 7x more than the combined tally of the previous 7 quarters
  • The average Ethereum transaction fee currently stands at about $28 – significantly higher from the $2-$4 range at the end of 2020
  • BSC fees are 100+ cheaper than on Ethereum with on average 1 million daily active users
  • Daily transactions count on BSC have nearly tripled in the past 7 days while that of Ethereum has increased by just 12%
  • PanCakeSwap daily transactions count has gone up by 300% in the past 7 days
  • UniSwap daily transaction count has increased by 30% in the past 7 days – processed 165, 710 transactions which is far fewer than PanCake
  • PanCakeSwap low fees have seen the DEX total collateral value rise from $5.89B to $10.76B in April 2021 alone
  • PanCakeSwap is now the biggest DEX in total value locked at $10.8B at press time compared to UniSwap, the largest DEX on Ethereum, at $10.2B
  • PanCakeSwap ($CAKE) tokens have outperformed $ETH with a 55% rise for a market capitalization of $4.4B in April 2021
  • Ether ($ETH), which powers the Ethereum blockchain, has ralled 36% in April 2021 compared to Binance Coin ($BNB), which powers BSC, at 89% within the same period
  • BSC has $64B in locked tokens – PanCakeSwap accounts for less than 7% of this growth

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RECOMMENDED READING: UniSwap Trade Volumes Hit a Weekly Milestone of Over $10B and Set to Process Over $500 Billion in 2021

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