Why Binance Smart Chain?
DeFi applications are thriving on the Ethereum platform, which means the volume of transactions has increased dramatically. Estimated gas fees per transaction are typically up to $20 - $30 and hundreds of $ gas fees payable per DeFi transaction. This frightens farmers with gas fee losses and many new users will not have access to DeFi.
Layer 2 are technology solutions or systems running on Layer 1, their securities are inherited from Layer 1, with the ability to process more transactions, reduce costs and better off at transaction confirmation speed. ETH 2.0 is the most optimal Layer 2 opening new pathways to DeFi applications. Nevertheless, ETH 2.0’s roadmap is foreseen to have a long way to go. Therefore, Binance Smart Chain shall be a great Layer 2 solution at the time being.
With an average fee per transaction around $0.1, Layer 2 will attract a great number of farmers to DeFi applications.
Looking at a glance, within 2 weeks since January 2021, the total number of transactions per day on BSC has quadrupled (from over 250,000 transactions to over 1 million transactions per day).
Guide to Binance Smart Chain network connection on Metamask: https://academy.binance.com/en/articles/connecting-metamask-to-binance-smart-chain
Last modified 1yr ago