Binance Smart Chain hits record-high daily transactions

Analytical data from BscScan, a sister product of Etherscan, reveals that Binance Smart Chain (BSC) surpassed 14.7 million blockchain transactions on Nov 16. 

This establishes a landmark all-time high for the decentralized finance (DeFi) network which exceeds the previous high of 13.1 million recorded on July 29 this year.

In addition, 276,446 new wallet addresses were created yesterday, a notable advancement of the 111,244 new addresses on July 29. The BSC team tweeted an official announcement this morning to share the successful milestone.

Congratulations to the whole #BSC community!

Binance Smart Chain hit a record-breaking milestone of over 14.7 million blockchain transactions in one day; a milestone no other blockchain project has ever achieved!

Check here – https://t.co/XX7sdJ2nT8 pic.twitter.com/JTCvemoXRm

— Binance Smart Chain (@BinanceChain) November 17, 2021

For greater context, the Ethereum network recorded 1.3 million total transactions on Nov 16. with 134,354 new addresses, while the Bitcoin network achieved 301,103 total transactions with 740,829 new addresses onboarded.

BSC ecosystem coordinator Samy Karim drew comparisons to transaction metrics between different blockchain networks, stating, “In the last two weeks, daily BSC blockchain transactions have averaged well over 10 million txs per day. When compared to other blockchains, BSC currently boasts an ecosystem with the most number of transactions ever recorded at the lowest possible fees.”

Binance Smart Chain was incepted in late-August 2020 as a launchpad platform that cultivates the development of innovative start-up projects and decentralized applications (dApps) compatible with the Ethereum blockchain through the Ethereum Virtual Machine.

Related: Binance Smart Chain surpasses 1.5 billion lifetime transactions

On Oct. 12, major cryptocurrency exchange Binance announced the launch of a $1 billion accelerator fund to enhance the proficiency of the Binance Smart Chain ecosystem in blossoming sectors in the crypto-sphere such as metaverses, gaming, virtual reality and artificial intelligence, among others.

Investment director at BSC Accelerator Fund, Gwendolyn Regina, shared some insights into the ten-figure funding pot:

“The $1 billion Growth Fund has already started projecting growth in the BSC ecosystem. We will support 500+ projects building on BSC with the aim to onboard the next one billion users to the blockchain and crypto space.” 

BSC is home to 159 decentralized exchange protocols, the most prominent of which is PancakeSwap which currently reports a total value locked of $17.77 billion, the majority of the overall $30.6 billion on the platform, according to data from Defistation.