Binance Smart Chain, the network of the Binance cryptocurrency exchange, continues to consolidate its position in the market. In particular, the Binance Smart Chain network, which is trying to surpass Ethereum in every aspect, has succeeded in at least one issue.
The total number of transactions on the Binance Smart Chain network increased 378%, surpassing Ethereum in February. Still number one in terms of total value of locked tokens, 32,738,456 transactions were processed on the Ethereum network during February. Compared to January, the number of transactions on the network decreased by 11%.
During the same period, 156,512,579 transactions were made on Binance Smart Chain. Binance Smart Chain, which broke the record with 156 million transactions, left Ethereum well behind in this context. Despite this, the BSC network also saw an 18% decrease in trading volume compared to January 2022.
In January 2022, the total number of transactions on BSC was recorded as 192 million. Ethereum and Binance Smart Chain networks are currently known as the two largest DeFi-focused networks. In addition, it was seen that Binance will give more importance to the world of DeFi with its recent announcement. Binance has made an announcement implying that it will support PancakeSwap (CAKE) and that together they will create a DeFi world. This shows that Binance actually wants to continue its DeFi-focused work.
Amount of Ethereum Burned to Reach 2 Million ETH
With the Ethereum London Hard Fork, the ETH burning protocol, developed to ensure the supply and demand balance of the network, has been regularly burning Ethereum (ETH) since August 5th. Finally, when we look at the ETHBurn data, we see that the total amount of Ethereum burned has exceeded 1.94 million ETH.
Ethereum EIP 1559 was released along with the London Hard Fork in early August. Since then, the burning protocol has continued to reduce the supply of Ethereum faster than ever before. On the other hand, although Ethereum (ETH) is affected by the general decline in the crypto money market, according to experts, this burning protocol has a great effect on the price of ETH.