In the current blockchain ecosystem, decentralized finance (DeFi) has become an indispensable component, attracting a large number of investors and developers. As a pioneer in the field of DeFi, Ethereum has always been the preferred platform for many projects with its powerful smart contract functions and rich ecosystem. However, with the rise of Binance Smart Chain (BSC), its total number of transactions has exceeded an astonishing 1.5 billion times. This figure not only demonstrates the strong potential of BSC, but also makes people begin to wonder whether it can challenge Ethereum's dominance.

Since its launch, Binance Smart Chain (BSC) has quickly gained widespread attention. Behind all this, it is inseparable from its efficient transaction processing capabilities and relatively low handling fees. Compared with Ethereum, BSC's performance in network congestion is easy and the user experience is more friendly. Ethereum's transaction fees often soar to tens of dollars during peak hours, while BSC's transaction fees are usually only a few cents. This significant cost advantage has led more users and developers to choose to trade and develop on BSC, further driving the surge in its number of transactions.

In the BSC ecosystem, decentralized exchanges (DEX) such as PancakeSwap have risen rapidly and become an important platform for users to conduct transactions and liquidity mining. PancakeSwap's daily trading volume once exceeded billions of dollars, attracting a large amount of capital inflow. Compared with Uniswap on Ethereum, PancakeSwap not only has a faster transaction speed, but also provides relatively higher returns for users' liquidity, which has enabled it to accumulate a large number of users in a short period of time and become a star project in the BSC ecosystem.

In addition, the compatibility of BSC is also an important reason for its rapid development. The compatibility of BSC with Ethereum allows developers to easily migrate projects on Ethereum to BSC and enjoy lower transaction fees and faster transaction speeds. This feature greatly reduces the migration cost of developers and also promotes the "immigration wave" of more Ethereum projects. For example, well-known DeFi projects such as Yearn.finance and SushiSwap have successively launched corresponding versions on BSC, further enriching the BSC ecosystem.

In terms of user experience, BSC also shows strong advantages. Its efficient consensus mechanism based on Binance Chain greatly shortens the transaction confirmation time, allowing users to complete transactions faster. At the same time, BSC's ecosystem also provides a wealth of tools and resources, making it easier for users to participate in DeFi activities. This convenient experience has attracted a large number of new users, which has driven the rapid growth of the number of transactions.

However, with the surge in BSC's transaction volume, its security issues have gradually surfaced. The prosperity of the DeFi field is accompanied by risks, and smart contract vulnerabilities and hacker attacks have frequently occurred on BSC, which has had a certain impact on investor confidence. For example, a well-known project suffered two attacks in a short period of time, with losses of millions of dollars. These events remind people that security issues cannot be ignored when enjoying the convenience brought by DeFi.

Despite the security challenges, BSC still shows strong vitality. The activeness of its community and the enthusiasm of developers have enabled BSC to continuously launch new projects and features in a short period of time. This innovative ability not only drives the growth of the number of transactions, but also lays the foundation for its long-term development. As more and more projects are landed on BSC, users' enthusiasm for participation is also increasing, forming a virtuous circle.

For Ethereum, the rise of BSC is undoubtedly a challenge that cannot be underestimated. Ethereum's ongoing 2.0 upgrade aims to improve the scalability and security of the network, but this process is not achieved overnight. At the same time, BSC has quickly occupied the market with its flexibility and rapid iteration capabilities, attracting a large number of users and funds. The future DeFi market will be a fiercely competitive battlefield, and how to maintain its own advantages will be a challenge that Ethereum must face.

In the future development of blockchain, the competition between BSC and Ethereum will not only be reflected in the number of transactions, but also in the richness of the ecosystem, user experience, security and other aspects. The success of BSC is not only a victory in numbers, but also a profound impact on the entire DeFi ecosystem. With the continuous changes in user needs, the future DeFi market will be more diversified, and innovation will become an important driving force for development.

In summary, BSC's transaction volume exceeded 1.5 billion times, which is not only a milestone in its own development, but also a strong challenge to Ethereum. With the continuous evolution of the DeFi market, the competition between BSC and Ethereum will become more and more fierce, and the future blockchain ecosystem will be full of more possibilities. Whether it is investors, developers, or ordinary users, they should pay close attention to the development trends in this field and seize future opportunities. The world of blockchain is like a marathon with no end. Only by continuous innovation and adaptation can we go further on this road.

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The official Twitter account of Binance Smart Chain (BSC), launched by the world's largest trading volume (), tweeted yesterday (27): The total number of transactions on Binance Smart Chain has exceeded 1.5 billion a few hours ago. The BSC community is unstoppable.

Amazingly, it took only 14 months for Binance Smart Chain, which was launched on August 31, 2020, to achieve this amazing milestone.

According to the official blockchain browser BscScan data, the number of daily transactions on the BSC chain has recently grown steadily and has exceeded 10 million transactions, and is expected to challenge the historical high of 13 million daily transactions set on July 29.

As the number of transactions grew rapidly, the number of independent addresses on the BSC chain also increased significantly. At the beginning of this year, the number of independent addresses of BSC was only 650,000; and the total number of addresses has now exceeded 108 million, an increase of more than 166 times from the beginning of the year.

A strong competitor of Ethereum

In recent months, BSC has posed a strong threat to Ethereum, which suffers from high transaction fees, in terms of cost and transaction speed. According to YCharts.com data, the average gas fee of Ethereum is $131.87 and the average block time is 13.33 seconds; in contrast, the average block time of BSC's network is only 3.02 seconds, and users only need to pay an average of $6.64 in gas fees to execute smart contracts.

BSC has become a potential rival of Ethereum with its technical advantages such as 19 times lower gas fees than Ethereum and 4 times faster block time.

However, despite the booming transaction volume and ecosystem of BSC, its degree of decentralization has caused concerns among users, as it currently has only 21 approved super nodes that can generate blocks.

Binance establishes $1 billion growth fund

Binance has recently been actively promoting Binance Smart Chain. The company issued a statement on the 12th of this month, announcing the launch of a $1 billion Crypto Growth Fund, claiming that this is the largest growth fund in the history of the cryptocurrency industry.

In terms of the use of funds, Binance pointed out that it will be divided into four professional fields for use, $500 million will be used for investment and incubation plans, $300 million will be used for developer plans, $100 million will be used for liquidity rewards, and $100 million will be used for talent training.

In terms of the investment and incubation plans with the largest use of funds, it will be used to develop decentralized computing, games, metaverse, virtual reality, artificial intelligence, financial services and other fields. This will not be limited to supporting Binance Smart Chain, but will support the development of all blockchain infrastructure.