Binance Smart Chain (BSC) has positioned itself as one of Ethereum’s biggest competitors. The smart contract platform is attracting more and more users, if we are to believe the number of active addresses, as well as other indicators.
The active addresses of the Binance Smart Chain
Mechanism Capital investor Andrew Kang pointed out this “ parabolic” breakthrough in active Binance Smart Chain addresses when compared to the Ethereum network:
It can be noted that the number of active addresses on Ethereum is just starting to reach levels comparable to the records of 2017, while the progress of the Binance Smart Chain has been much more explosive. This could indicate that Ethereum still has some leeway.
However, this does not detract from the progress of the Binance Smart Chain, which is confirmed by a second indicator: the number of daily transactions :
According to Andrew Kang, the Binance Smart Chain has captured some of the new users:
Binance Smart Chain: Ethereum’s Biggest Competitor?
While Binance Smart Chain is widely criticized for its centralization, these indicators show that a large portion of users are willing to ignore this aspect, in order to take advantage of lower transaction fees. According to some, this is what makes the Binance Smart Chain so formidable for Ethereum:
“Users who care about decentralization and agree to pay $ 100 per transaction are already well integrated with DeFi and cryptos. But they only represent 1% of DeFi users. Those who don’t care about decentralization and can’t access Ethereum because of the high prices make up 99% of all DeFi users. “
As often, we come back to the same debate. Should we celebrate an alternative solution that is less decentralized, and that is carried by a hegemonic business, as long as it allows the blockchain to be democratized ? Or should we cling to ideals of decentralization at all costs, even if it means being overwhelmed by more agile solutions? The question is asked