Binance Smart Chain (BSC) surpassed Ethereum in terms of business volume. Market participants are desperately searching for alternatives as they endure the unbearable pain of paying high gas fees.
Binance CEO Changpeng Zhao stated that this event is proof that low transaction fees are affecting users. Zhao stressed that the platform will continue to allocate more resources to maintain low transaction fees for its community.
The platform has attracted a significant percentage of the market share from Ethereum. Binance Smart Chain is only six months old, but has seen a huge increase in daily transaction volume.
According to data from BscScan, as of February 9, 2021, the number of daily transactions increased to over 1.6 million transactions. Similarly, the number of new addresses created in the BSC continued to grow steadily. So far, this number has reached 68,395 new addresses on October 15, 2020.
Ethereum gas fee continues to rise
Gas fees for Ethereum continued to see new peaks as network activity spikes. This increase is most noticeable on decentralized exchange (DEX) platforms such as Uniswap.
As a result, Ethereum miners have made high revenue with ETH, especially on Feb. 10, reaching an all-time high price of $ 1,836.
BeInCrypto recently reported that total miner income reached an all-time high. Ethereum miners set a record $ 3.47 million in a single hour on February 5, 2021.