BSC popular with crypto whales: Nansen report

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Key takeaways The latest Nansen report shows Binance Smart Chain processed ten times as many trades as Ethereum at its peak. In April, Binance Smart Chain DEX PancakeSwap processed more transactions than the entire Ethereum network. According to the report, a significant number of sophisticated investors use both Ethereum and Binance Smart Chain. Share this article

Binance Smart Chain handled ten times as many transactions as Ethereum at its peak, according to a report by chain analytics firm Nansen.

Cheap transactions attract whales

Binance Smart Chain has attracted more than the retail market, according to a new Nansen report.

Ethereum’s sky-high gas charges have set the price for retail investors with smaller portfolios, prompting them to seek investment opportunities on other channels. Binance Smart Chain is one of Ethereum’s main competitors, offering fast transaction times and lower fees. According to the Nansen report, Binance Smart Chain was processing around ten times as many transactions as Ethereum in May and August of this year.

Source: Nansen

Binance Smart Chain optimizes speed, scalability, and interoperability between chains, but not decentralization. This means that the protocol can achieve much higher transaction throughput than Ethereum. As a result, the transaction fees are also much cheaper.

With Ethereum gas prices reaching as high as $ 80 for a simple peer-to-peer and hundreds of dollars for more complex peer-to-contract transactions during peak congestion times, many users have started to research opportunities on other networks. As Binance Smart Chain is arguably home to the most robust DeFi ecosystem after Ethereum, it has become a popular platform of choice for many retail users.

Nansen’s report also reveals that PancakeSwap, the largest decentralized exchange on Binance Smart Chain, topped Ethereum in daily trading in April. Additionally, the report states that big investors are flocking to Binance Smart Chain.

Data shows that about 7.4% of crypto funds, 45.6% of arbitrage traders, and 39.1% of large profitable liquidity providers overlap with both Binance Smart Chain and Ethereum. Additionally, stablecoin transactions valued at over $ 1 million consistently accounted for 90% of the total volume traded on PancakeSwap, suggesting that whales are actively using the network alongside smaller market players.

With other Layer 1 protocols like Solana, Avalanche, and Fantom gaining traction, it remains to be seen how Ethereum and Binance Smart Chain will fare against the competition.

This news was brought to you by ANKR, our favorite DeFi partner.

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