The Ethereum network has seen significant growth in user activity. This has been mainly due to the growing need for smart contracts and the hype around DeFi. It seems like it could only be a matter of time before Binance Smart Chain (BSC) overtakes it in the number of daily active addresses.
A comparison of the data from Etherscan and BscScan shows that BSC is currently seeing a sharp increase in the number of daily active addresses, while Ethereum has remained largely constant since October 2020. The growth in the number of daily active addresses started in February 2021 for BSC and has been steadily increasing ever since.
Right now, there are roughly 400,000 active addresses per day, which is more than the average for Ethereum in October 2020. While the average number of daily active Ethereum addresses is approaching 600,000, it may only be a matter of time before Let BSC catch up with you at this growth rate.
The sudden spike in activity at BSC may be due to rising gas fees on Ethereum. Gas rates have been on the rise since last year due to high activity on the network. As a result, network users have been looking for alternative networks to use and Binance Smart Chain and Tron are other networks that are now used as an option for Ethereum, although it still holds the lead.
These statistics coincide with the recent increase in the price of Binance Coin (BNB). BNB is currently the third largest cryptocurrency with a market capitalization of almost $ 90 billion. The price reached $ 580 as of publication after having gained 50% in the last 7 days.
Nonetheless, Ethereum is still much higher in terms of price at $ 2,225 and a market valuation of $ 250 billion. With the recent integration with the scaling solutions, the gas problem can be solved and Ethereum can maintain its lead or BSC will have a good chance to overcome it in the near future.