BNB Chain has long been considered an alternative to the Ethereum Layer 1 blockchain. While growth has not been without challenges, the blockchain powered by the Binance exchange has attracted significant market share.
Of the two blockchains, Ethereum has been around longer. But according to Token Terminal, BNB Chain has three times as many daily active users as Ethereum. This metric measures users interacting with the protocol over a given period of time.
source: token terminal
supplychoose chain Faster and cheaper…
While there are approximately 435,200 active users on Ethereum, BNB Chain has recorded a whopping 1.2 million. Even though Layer 1 Ethereum is less centralized than BNB, this growth means users want to choose a network with faster transaction speeds and lower fees.
However, BNB Chain’s advantages in the above aspects cannot bring its advantages in all other fields. According to data from blockchain financial aggregators, the volume of token transactions on Ethereum far exceeds that on BNB Chain.
As of April 6, BNB Chain had a transaction volume of $601.1 million, while Ethereum had over $11 billion. Such a large price difference shows that the number of tokens traded on the Ethereum network has exceeded that of the BNB Chain.
source: token terminal
Ethereum still ahead this Play about…
Additionally, the entire Ethereum ecosystem seems to be beating BNB Chain in other areas.according to mood, Ethereum’s development activity shows positive signs at 51.21. Metrics track work done in the project’s public GitHub repository, indicating network upgrades.
Still, it’s not surprising. Recently, Ethereum has successfully deployed the Sepolia and Goerli testnets and is only a few days away from Shanghai upgrading to allow staking withdrawals.
For BNB Chain, the situation is completely different. At the time of writing, the chain’s development remains unchanged at 0.048. So despite recently announced security improvements, the developers are not actively contributing.
source: Santiment
However, there have been some large ETH transactions, including whales accumulating and moving to exchanges.according to watch chaina whale holding 900 ETH in a Tornado Cash address deposited it all into a Bitfinex wallet on April 5.
Meanwhile, there is another whale that has been accumulating the top altcoin by market capitalization since Jan. 15. As of April 6, the whale had purchased $2.4 million from Binance.
We Spotted the Whale That’s Been Buying $ ether from #Binance Since January 15, a total of 25,255 $ ether (currently $46.8 million), and the average purchase price is $1649.
Whales received 1,290 $ ether ($2.4 million) from #Binance It was 10 hours ago again.https://t.co/IXExQZwAGN pic.twitter.com/kyxcd8GiWe
— Lookonchain (@lookonchain) April 7, 2023
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According to AMBCrypto
