DeFi Responsible for the High Daily Transaction Count on BSC and Polygon Due to Lower Fees
The report went on to explain that the relatively high amount of daily transactions on the Binance Smart Chain (BSC) and Polygon (MATIC) was primarily due to the popularity of the various DeFi applications on both networks.
In particular, both the Binance Smart Chain and Polygon have seen a tremendous increment of DeFi Dapps in the last month due to lower fees as explained below.
DappRadar now tracks 881 BSC dapps, 661 of them sit in the DeFi and Exchange category. On Polygon the story is similar. Of a total of 204 dapps tracked, 131 are in the DeFi and Exchange category.
Both networks have made it abundantly clear what their ambition is in the short term. Ethereum meanwhile has welcomed just 1 new dapp in the last 30 days – albeit a DeFi app.
But the trend is clear. Developers are favoring alternative networks for one main reason. To give users slick and cheap user experiences.
- Binance Smart Chain and Polygon networks are continually eclipsing Ethereum in daily transaction count
- In mid-May, BSC had a peak daily transaction count of 12 million, Polygon had 9 million whereas Ethereum had roughly 1.75 million
- The majority of the daily transactions on these networks are happening through Dapps
- Binance Smart Chain and Polygon have experienced a remarkable increment of new Dapps in the DeFi category due to lower fees
The daily transaction count on the Binance Smart Chain and Polygon networks has constantly outpaced those of Ethereum in the second quarter of 2021.
This is according to a report shared by the team at DaapRadar who also pointed out that at the pinnacle of transactional activity on all networks in mid-May, the Binance Smart Chain handled a peak value of almost 12 million a day. During the same time period, Polygon handled around 9 million daily transactions with Ethereum handling 1.75 million.
The report went on to share the following three charts demonstrating the increased transactional activity on the BSC and Polygon when compared to Ethereum.