Binance smart contract facilitated huge numbers of transactions, more than 378% over the transactions facilitated in Ethereum.
Binance smart chain (BSC) network is a layer-1 blockchain Network, which is backed by the team of the first ranked crypto exchange Binance. BNB is the native token of the BSC network and its native token is standing at 4th rank in the crypto industry by 24 hours trading volume.
The recent few months showed that the BSC network is moving rapidly toward success and achievements in terms of use cases in actual blockchain transactions.
A research report by BeInCrypto noted that the BSC network facilitated around 156,512,579 (156 million) transactions in February of this year. However, it was an 18% low amount of transactions over January of this year because of the Russia vs Ukraine war fear shake in the money market.
In the same time frame of January and February, the Ethereum network facilitated around 32 million transactions.
BSC network hit all-time high transactions in November of last year, where the network facilitated around 391,847,392 (391 million) transactions. In terms of all-time highs, BSC showed 769% better potential in its own increment than Ethereum.
However, all these things are showing that Binance Smart Chain rapidly moving toward surge but overall trade volume is getting down for both the network and the main cause behind this fact is decreasing use of Defi Protocols. However, the number of Defi protocols development is increasing but the majority of the people are getting into the threat of legal orders.
Ethereum based Uniswap & BSC network-based PancakeSwap like Decentralized Exchanges banned some IP addresses, to comply with the legal orders.
The trade volume graph can be seen in the below-attached statistic, where PancakeSwap faced a huge downfall in its trade volume.
Read also: Bank of Russia issued Crypto license to Sberbank
