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Binance Smart Chain overtakes Ethereum transaction volume and users

Posted by
Ian Kane

BSC sees $700 billion in transaction volume in February

According to the February Dapp Industry Report, Binance Smart Chain (BSC) has now surpassed Ethereum in both transaction volume and unique active wallets (UAWs). However, Binance Smart Chains’ total value locked (TVL) of $9.5 billion is still four times lower compared with Ethereum’s $47 billion TVL. 

According to DappRadar rankings data, there were more than 67,000 unique active wallets at the end of February on the Ethereum mainnet. That’s a decrease of 9% compared with January, suggesting a downtrend in user activity. 

Comparatively, on BSC there have been more than 108,000 unique active wallets in February, an increase of 27%. While this difference in active wallets might look impressive, there is a downside. On Binance Smart Chain 60% of all activity has come from the top 5 dapps. This brings about the question of sustainability, as growth driven by a small number of dapps might be fragile. 

The transaction volumes followed the same pattern. Overall, the Ethereum blockchain generated more than $181 billion, while BSC transaction volume surpassed $700 billion in February. As previously reported more than half ($400 billion) was generated by a DeFi dapp called Venus.

With Binance currently experiencing such impressive growth, DappRadar has responded by adding the Binance Smart Chain to its Portfolio Tracker. A personalized hub for users to manage their digital holdings and monitor their net worth. 

When the Portfolio Tracker initially launched users were only able to connect their Ethereum wallet. From March 1st they can now add a Binance wallet for an even more comprehensive overview of their digital holdings.  

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