Binance Smart Chain Registered 21% ETH Transactions Cheaper By 35x

The Binance smart chain registered 21% ETH transactions yesterday cheaper by 35 times as Changpeng Zhao said that it is good news for the users and developers as well as for the future price of the coin so let’s read more in the Binance news today.

Apart from BNB, Changpeng Zhao the founder of the exchange has recently announced the news, saying that the Binance Smart Chain registered and handled up to 21% of ETH transactions at 0.6 percent of the gas fees charged for transfers on the latter. This makes BSC about 35 times cheaper and also he added that if BSC handles more volumes, it will do well for the price and node operators of the blockchain.

Yesterday, #BinanceSmartChain handled roughly 21% of transactions compared #ETH, while only charging 0.6% of the fees, making #BSC about 35x cheaper.

Maybe this is bad for #BNB price (and nodes, for now), lol. But it’s good for users & developers. pic.twitter.com/86hRKjuPpq

— CZ Binance (@cz_binance) October 9, 2020

According to the calculations, BSC tackled about 213,900 transfers compared to the 1,019,446 handled by ETH, it charged about $13,000 in fees as the ETH node operators made a whopping $2.2 million. Looking at the quick math, the transaction fees rate for BSC works out at $0.06 per transfer whereas ETH costs almost $2.16 tx. CZ said that the Binance Smart Chain now makes it 35 times cheaper for processing transactions. He added that these transfer rates could not help the BNB price and that the node operators but the costs are more user and developer-friendly than Etehreum.

Zhao shared the long-term scenario for BSC as the network handles more volumes than today. In that case, Binance Coin’s price and BSC node operators will benefit a lot. According to the official Binance blog, the smart chain operates as well as the earlier launched Binance chain. The BSC files the gap left by the previous version which is the smart contract functionality and compatibility. BSV retains the high throughout features with more compatibility with the Ethereum Virtual Machine and that was also the original design goal for the BSC from the start. The design was meant to leave the throughput of BC intact while introducing smart contracts into the ecosystem.

It’s worth noting that both Binance Chain and Binance Smart Chain operate along with each other but BSC isn’t a so-called layer two or off-chain scalability solution.” According to the folks at Binance, BSV is an independent blockchain that could run even if BC is offline. Both BC and BSC have many resemblances from a design standpoint. The Binance price remained stable after the update but it is up by 4 percent in the past day as BTC hits $11,000.