The Binance Smart Chain (BSC) is an extension of the Binance Chain, a layer-1 blockchain developed by its namesake Binance, the largest cryptocurrency exchange in the world. The BSC allows for the creation of decentralized applications (DApps) and digital assets, making it a competitor with Ethereum ($ETH)…And, consumer Mentions shows that business is booming.
Underlying Mentions of the Binance Smart Chain are at an all-time high on a 7-day moving average, up +120% from the prior quarter and still rising.
Ethereum still maintains the #2 overall rank, with a market cap over $500B…However, it’s facing a major problem concerning further adoption: high transaction fees.
As usage rises on the Ethereum blockchain, so too does the price of transactions (called the ‘gas price’). The more complex the transaction, the more gas is required to ensure its completion – The combination of ETH's record-high price and high gas fees means a simple DEX swap transaction can cost upwards of $100 to complete.
This phenomenon bears out in the data. Mentions of Ethereum alongside mentions indicating it being “expensive” or “costing too much” are at an all-time high: +122% QoQ.
This existential problem for Ethereum is driving users to alternatives, the most popular being the Binance Smart Chain...A >$100 transaction on ETH might cost less than $1 on BSC, and crypto users and developers are taking note.
Rising usage on the Binance Smart Chain is driving Demand for the blockchain’s native token: Binance Coin ($BNB).Underlying Chatter surrounding Binance Coin has exploded to new highs, trending +111% in the past month.