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PancakeSwap Transactions Surpass Ethereum

Data doesn’t lie, so everybody can see the growth in popularity for the largest platform that runs on Binance’s Ethereum rivaling blockchain. Basically, PancakeSwap is on a roll when it comes to attracting new DeFi users, especially those that are making small transactions.

A Dappradar report from yesterday shows that the DEX has now topped the entire Ethereum network for transactions in a period of 24 hours.

“According to data from BSC Scan PancakeSwap had over 2 million transactions compared to Ethereum’s 1.55 million in the last 24-hours.”

Furthermore, BSCscan has reported that the blockchain has registered a record 9 million transactions/day. A similar chart on Etherscan for Ethereum also reveals a record – but one of only 1.5 million/day.

The report believes that Safemoon, a BEP-20 token listed on PancakeSwap, can be seen as being at least a bit responsible for this. Safemoon is the newest meme coin that has gained attention on social media – in less than a month, it has gathered over a quarter of a million followers on Twitter.

“Some are even labeling it ‘The New DOGE’ [ …] Fundamentally these meme coins are giving people with very small investment pots, in some cases below $50 a chance to invest, participate, and potentially earn.”

The Binance Smart Chain is Under Pressure

But all of this doesn’t mean there aren’t any downsides. Binance has presented BSC as being an “Ethereum killer” but it can too feel the weight of increased demand in case that its infrastructure hasn’t been designed to properly handle it.

Just two days ago, several users complained that they had encountered errors and had failed transactions to which PancakeSwap responded that it was simply due to the record number of users on the platform and that “BSC was overloaded.”

Furthermore, BSCscan has also registered a record increase in daily gas needed for transactions. Yesterday saw the highest ever figure of 1.3 million, which represents an increase of 285% from April 1st.

If BSC doesn’t start upgrading its computing power, storage, and availability so that it can keep up with the demands, it could face the same fate as EOS.

Source: Cryptopotato.com

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