The other major challenge for BSC is application support. Meanwhile, Solana, Arbitrum and Optimism have all increased their market share since the start of the year. At the time of writing, gas fees on Arbitrum were $0.03 for a standard transaction, almost perfectly on par with BSC, whose fees were slightly lower.įast-forward to the start of May 2022 and Avalanche has started to close in on BSC with 4.6% of DeFi TVL to BSC's 6%. While The Merge might be delayed a few more months, a healthy network of Layer-2 protocols – such as Arbitrum and Optimism – are already thriving and taking back some of the user base that flocked to BSC for cheap fees. Worse still for BSC is that Ethereum is finally starting to deliver on its scalability promises. In recent months, Binance Smart Chain's (BSC) prominence in DeFi markets has started to dwindle. ![]() Therefore it is key for BNB holders to question whether the new BNB Chain has what it takes to be part of the next bull market or whether it will drop back into obscurity like other well-funded "Ethereum killers of yore", such as Tron and EOS. It's no secret that bear markets force investors to take stock of their portfolio and question which assets still have longevity, and which topped out at the peak of the last cycle. Being an EVM-compatible chain, BSC will continue to take center stage, but will now be supported with application-specific sidechains – similar to Avalanche and Polkadot. ![]() To help combat the drop in usage, Binance has announced that BSC is going to transition into a new blockchain network called BNB Chain. ![]() But fast-forward to May 2022 and that number has dropped to less than half, a little over 1 million. This led to Binance Smart Chain reaching an all-time high of 2.27 million daily active addresses by December 2021.
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