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Blockchain News

$BNB Chain Surpasses Ethereum ($ETH) in Unique Addresses as Daily Active Users Soar

The number of unique addresses on the blockchain for the Build and Build ($BNB) Chain has increased to the point where it now outnumbers the second-largest cryptocurrency by market capitalization, Ethereum ($ETH), by that metric.

Because of the rise, the BNB Chain developers claim to be the “largest layer-1 blockchain in the world,” according to a message shared by the developers. According to data from a BNB Chain block explorer, it has over 230 million unique addresses, surpassing the Ethereum blockchain’s 217 million unique addresses.

As Cointelegraph first reported, the Bitcoin network remains the world’s largest layer-1 blockchain, with over 1 billion unique addresses. Nonetheless, BNB Chain’s growth is significant, as it has surpassed Ethereum, which has a much larger and more developed ecosystem.

The developers of BNB Chain highlighted a number of other figures for the network, including the fact that it peaked at 9.8 million transactions per day in May and reached 2.2 million daily active users in October. Daily active network users were defined as unique addresses interacting with smart contracts on a daily basis.

The network’s expansion was attributed to a variety of factors, including the addition of sidechains to better support resource-intensive applications, as well as other network performance enhancements. The project’s team also stated that it funded a builder grant as well as a $10 million incentive program for decentralized application developers who drew in more users with their creations.

Furthermore, the network launched the Avenger decentralized autonomous organization (DAO), an API that alerts BNB Chain users whenever they interact with malicious contracts.

Binance, a leading cryptocurrency exchange, regularly burns BNB Chain’s native token, $BNB. The token was initially sold in an ICO to fund Binance’s development, and as stated in its whitepaper, Binance will use its revenue to burn tokens until its circulating supply reaches 100 million.

Binance announced in October that it had destroyed more than 2 million $BNB tokens, valued at over $575 million at the time.

According to Binance, a total of 2,065,152.42 $BNB tokens were burned as part of the latest quarterly burn, with a total of 4,833.25 $BNB coming from the exchange’s Pioneer Burn Program, in which Binance counts as burned BNB tokens that users have lost after sending them to unrecoverable addresses, and covers their losses with BNB that was set to be burned.

 

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