27/07/2021
The Ethereum blockchain is busier than ever, but its high fees help Binance Smart Chain maintain the lead.
A flurry of activity on the decentralized cryptocurrency exchange PancakeSwap has helped to push the number of transactions on Binance’s smart-contract blockchain, Binance Smart Chain (BSC), to five times that of the perceived industry leader, Ethereum.
While the Ethereum blockchain processed a record 1.56 million transactions on Wednesday, BSC registered a total transaction volume of 9.13 million, according to data provided by EherScan. BSC-based PancakeSwap, which generates liquidity from traders who stake tokens, known as “farmers,” alone processed more transactions than Ethereum. PancakeSwap contributed more than 2 million of BSC’s transactions on the day, or some 20% of the total.
The PancakeSwap coin price (CAKE), representing the upstart platform’s own tokens, has jumped 46-fold this year, for a market capitalization of about $4.2 billion.
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