A couple of minutes ago, Nansen published an interesting report about the usage of the Binance Smart Chain.
- The number of transactions on BSC is 10x higher at its peak against Ethereum. Even PancakeSwap alone has flipped Ethereum in terms of the number of daily transactions back in April 2021!
- High smart money activity: 7.4% of funds straddle both BSC and ETH! Besides, there is an overlap of 45.6% for Flash Boys and 39.1% for Smart LPs.
- the average value of stablecoin transactions worth US$1mm and above were consistently 90%+ of the total volume traded on BSC
The statistics are from April 2021. Back then, prices were pumping like crazy. Bitcoin and especially ETH reached new all-time highs regularly! Because of this, gas fees skyrocketed. Retailers demanded cheap transactions, and BSC was for many retailers a scalable alternative.
So, retailers moved over to BSC and PancakeSwap to speculate without paying high fees!
If you want to learn more about Nansen, watch this interview!
All in all: there indeed is a significant activity of smart money on BSC! But also retail activity!
Let’s how things play out! But one thing is for sure: due to the launch of smart contracts on Solana, DeFi taking off on Cosmos, and projects launching on Avalanche, completion is getting more serious!