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Transactions on the Binance Blockchain outperform their Ethereum counterpart in February 2022

Transactions on the Binance Blockchain outperform their Ethereum counterpart in February 2022

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Answer Transactions on the Binance Blockchain outperform their Ethereum counterpart in February 2022

The past month has proven to be a difficult one for the Ethereum blockchain.

The Ethereum network, which is the largest blockchain network by total closed value (TVL), managed to record approximately 32,739,456 transactions during the month of February, according to “BeInCrypto Research.”

For readers who don’t know much about the blockchain space, this number is impressive when compared to the total number of transactions in other networks.

While the number of transactions on Ethereum at the end of January 2022 was 36,851,128.

This means that approximately 4,111,672 transactions were cleared which represents an 11% decrease in the total transactions within 28 days.

Low Ethereum Transactions From 2021

The total number of Ethereum transactions has decreased since last year by 7% and exactly since February 2021.

Read:Insurance giant Allianz is close to launching a new digital currency

Regardless of this, Ethereum peaked in May 2021.

This was the time when the network’s native coin, ETH, crossed the $4,000 level.

The high level of transactions and the price of the coin has been supported by the increasing use of protocols and decentralized applications (dApps) on the Ethereum blockchain.

Many users have benefited from decentralized lending, trading platforms, and return aggregation protocols.

Binance outperforms Ethereum in total transactions:

Although Ethereum managed to record 32 million transactions in February, Binance managed to record nearly 156 million transactions in the same period.

The decrease in the number of transactions and trading volumes on decentralized applications had the most prominent impact on the decrease in the number of transactions of Ethereum and Binance alike.

Non-fungible tokens (NFTs) have been one of the most vibrant areas of the cryptocurrency arena in the past year.

The decrease in the total number of transactions on OpenSea, whose tokens are mostly on the Ethereum blockchain, affected a decrease in the total number of Ethereum transactions

On the other hand, the Binance Blockchain has also seen a decrease in the number of transactions largely due to the decrease in the use of the best decentralized application active on the network, the “PancakeSwap” decentralized trading platform.

Read:Report: Buying Large Quantities of XRP… Is Ripple’s Price Approaching?

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