DappRadar’s latest analytical report implies that more and more users are flocking into Binance Smart Chain’s (BSC) decentralized application (dapps) despite it containing certain centralized blockchain properties.
This development is then supplemented by BSC PancakeSwap’s overtaking of the prominent Ethereum-native Uniswap as the decentralized exchange (DEX) with the most unique active wallets (UAW). According to DappRadar, PancakeSwap now has more than 47 million active wallets while Uniswap has a still-impressive 43.7 million. While the former has taken the UAW lead, the latter is still ahead in terms of trading volume. For the past 24 hours, PancakeSwap garnered more than $665 million – a tad below its rival’s $1.05 billion.
Interestingly, PancakeSwap started as a clone alternative of Uniswap. However, thanks to the ongoing run BSC is on, it’s as if the clone has finally grown to challenge its original.
All these sparked the discussions once more about whether Binance Smart Chain can now stand par-to-par with the blockchain giant and current market frontrunner, Ethereum. While several reasons can be attributed to the significant growth of the alternative blockchain, many would point out to the outrageously growing transaction fees of Ethereum as why users now turn their heads to BSC. This then hearkens to the initial promise of BSC as a platform with much lower fees.
With all that being said, only time can tell whether BSC could sustain this positive momentum – perhaps even overtaking Ethereum down the line, but for now, it is safe to say that BSC is indeed starting to make its presence known.