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Binance Chain Building Parallel Execution as BNB Holds Gains

The Binance BNB Chain never stops growing. Parallel EVM execution is the most recent implementation under development.

In essence, parallel EVM (Ethereum Virtual Machine) improves block process performance by completing concurrent transactions.

Parallel execution is not a novel notion since BNB Chain engineers have been working on it since late 2021. However, it is developing technology with numerous deployment phases.

On January 31, developer ‘NodeReal’ announced the release of the newest code for parallel EVM on GitHub.

The first phase, which includes foundations, architecture, and workflow configuration, began in May 2022. In November, the performance-enhanced version, Phase 2, was implemented. Furthermore, stages 3 and 4 are now under construction.

According to the developer, the complete block process (execution, validation, and commit) cost on BNB Chain has been decreased by 20% to 50%.

During the down market, the network’s on-chain metrics have stayed consistent. According to BscScan, the daily transaction count is around 3.28 million, three times that of Ethereum layer-1.

Furthermore, everyday transactions have increased by 45% since the beginning of the year. On January 31, BEP-20 daily token transfers surpassed 6 million. Moreover, it has increased since the beginning of the year but has declined since November 2021.

According to BscScan, the number of BNB Smart Chain unique addresses has hit an all-time high of 247 million. In addition, the network’s daily active lessons are presently 974,187, the same as in mid-2022.

Furthermore, the network now has 756 daily validated intelligent contracts. This is comparable to Ethereum, which has 741 transactions per day as of January 31.

The Binance native coin BNB has maintained most of its recent gains, defying the market’s retreat this week. BNB is flat on the day at $312 but has risen 4% in the last week.

Furthermore, there have lately been some significant whale movements of the exchange currency.

BNB was still down 54.4% from its all-time high of $686 in May 2021. However, this statistic has beaten BTC and ETH down by a more significant percentage.

 

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