The BNB chain continues to dominate the sector due to its speedy transactions and low transaction fees.
The BNB Chain Continues to Dominate the Charts
Since its beginning in September 2020, BNB Chain has grown to be the industry’s most widely used chain. The chain is known for its lightning-fast operations and minimal transaction costs, and has set new records in the cryptocurrency field.
Recently, the chain passed the 2.7 billion transaction threshold, demonstrating the breadth of its ecosystem and its enormous appeal in the area. The platform announced the achievement on Twitter on March 27.
This is wild🤯#BNBChain reached 2.7b total transactions!
How long before it hits 3 billion? pic.twitter.com/zmI2bNdBeP
— BNB Chain 🔶 (@BNBCHAIN) March 27, 2022
In terms of transaction volume, BNB Chain outperforms Ethereum, Polygon, and Cronos. With almost 1.5 billion transactions, only the Ethereum chain comes close. The high volume of transactions is due to the low transaction fee, which remains a defining feature of BNB Chain. However, businesses such as Solana offer fierce competition thanks to their cheaper transaction rates. The average price of gas for BNB Chain transactions is 5 Gwei ($0.05). By comparison, the average gas fee for Ethereum is 31 Gwei ($2.17).
Through the MetaFi idea, BNB Chain is devoted to providing the community with an open, decentralized, and permissionless infrastructure. MetaFi is the platform’s progression, fusing Decentralized Finance (DeFi) and the Metaverse to create the world’s first parallel, virtual ecosystem. Due to the cheap transaction costs associated with building on the chain, BNB Chain may soon reach 3 billion transactions.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
