Binance Smart Chain
The Binance Smart Chain (BSC) ecosystem makes up 44% of the $1.9T cap crypto market. That’s according to data presented by Stockapps.com. Per the data, the BSC ecosystem held a market cap of about $844 billion.
Binance Smart Chain
Additionally, it had grown by over 8% in the last 24 hours due to it surpassing the $121B trading volume.
Stockapps.com’s Edith Reads has spoken about the data. She said, “It’s exciting times for the Binance Smart Chain as it positions itself as the go to platform for the Defi and Blockchain gaming communities. That’s because its infrastructure and pricing resonate with many in the blockchain scene. It isn’t difficult to see that it’ll grow further propelled by increasing adoptions of these sectors.”
Leading BSC ecosystem tokens
Ethereum (ETH) sits at the peak of the ecosystem’s tokens. The asset recorded a market cap of $361.9B. That figure represented an 8.71% increase from a 24-hour trading volume of $19.70B (6.5M ETH).
Additionally, it had a circulating supply of about 119.5 million ETH. The coin traded at $3,029 at press time from its 24-hour lows of $ 2,768. Stablecoin
Tether (USDT) came in second with a cap of $ 77.95B from an equal circulation of coins.
The study’s most impressive tokens were Binance Coin (BNB), Polkadot (DOT), and Avalanche (AVAX). These surged by between 14 and 15.5 percent, taking the third, sixth, and eighth positions. Whereas BNB had a cap of $70. 79B, DOT’s, and AVAX’s were $21.9B and $19.7B, respectively.
BSC knocking ETH off its perch?
The BSC platform has seen a surging interest from crypto enthusiasts. For instance, it recorded 14.7 million transactions on 17th November 2021, a record for a single BC project.
Several factors explain BSC’s growing popularity. First, it offers the same functionality as Ethereum, the first mover in smart contracts. However, BSC users pay significantly less fees compared to ETH. Its affordability attracts DeFi and gaming lovers.
Additionally, BSC is a modern BC with greater scalability than ETH. Users experience faster transaction times and can issue custom cryptos.
That said, it faces some criticism. For example, it has only 21 validators making it a centralized entity.