In 4 years of work as an active crypto developer and business builder, I have created several projects, including:
Rubik: Multichain DeFi ecosystem that includes cross-chain, P2P and instant swaps across multiple blockchains, aiming to provide a complete decentralized ONE-STOP platform.
My wish: Leader in smart contract development (no coding required).
Over the years, I can now say that with my team, we can see and interpret crypto trends using our platforms, giving relevant analysis and sharing opinions on this matter. Today I will share with you exclusive data on Ethereum and Binance Smart Chain and how we interact with them.
We are currently integrating the Panama Binance Bridge into our Rubic project. This solution allows people to exchange 25 token pairs between the Ethereum and BSC networks. We have compiled statistics on this bridge over the past 5 weeks, and I would like to bring you the latest trends in cross-chain swaps.
ETH vs BSC statistics
- Crypto transfer from ETH to BSC / BSC to ETH
Ethereum is undoubtedly the king of smart contracts right now. Each metric proves the dominance of the ETH network in driving demand for decentralized applications at the moment.
Over the past year, the Ethereum ecosystem has shown very high growth rates and will undoubtedly continue to dominate in the near future. However, demand has led to crazy gas prices. These gas prices have recently alienated many people from participating in the Ethereum network.
The Ethereum Virtual Machine (EVM) compatible BSC network can be easily migrated across ETH apps and users. This is evidenced by the emergence of an increasing number of migrated applications and users who do not want to pay these huge gas fees.
Referring to Rubic Finance exchange platform, there has been $ 1,378,965 committed between Ethereum and BSC platforms over the past 7-8 weeks. (51.5% of transactions: BSC -> Ethereum (717,061 USD); 48.5% of transactions: Ethereum -> BSC (661,903 USD).
Many tokens are used on the cross-chain between ETH and BSC (bridge).
After converting all tokens transferred between late January and early March, the total was approximately $ 1,378,965. Most of the cryptocurrencies traded were ETH and WETH and a few more:
- 1 INCH
The main statistics of the ETH and BSC networks show the daily leadership of the BSC in terms of transaction volumes so far. This may support the claim that people are tired of paying for gas and are looking for a solution that would help them trade cheaper. It is also important not to forget about small traders who sometimes have to pay half of the transaction volume in gas commission.
It is critical for all of these users to move their assets to BSC or other networks in order to transact without high gas charges. The solution for all of these users is to use cross-chain solutions. The current Binance Smart Chain Bridge (Panama) is the most popular cross-chain solution in the market, not only for transferring their tokens to BEP-20, but also returning them to ERC-20.
But why would people do this if everyone is unhappy with the gas prices on the ETH network?
After analyzing our data, I found that people are eagerly awaiting the opportunity to trade on the BSC platform so that they do not pay extra gas, but the ETH network is more popular with the community. And because of this, users store their assets on the ETH network.
ETH vs BSC analytics
As a result, daily trading volume on Binance increased 30% on February 10 and then 70% on February 18 over Ethereum as the two networks continued to gain popularity and value side-by-side. On February 20, 1.33 million daily transactions were recorded on Ethereum.
Almost simultaneously, 2.88 million transactions were recorded on Binance on February 19.
Whether it’s exploring exciting new DeFi features or low transaction fees, users are increasingly turning to Binance.
Binance Managing Director Changpeng Zhao (Czech Republic) has repeatedly urged DeFi developers and projects to leave the Ethereum ecosystem in favor of Binance, while noting that BSC is the “support network” for the Ethereum ecosystem. The user transition to the BSC platform is driven by the fact that the demand for affordable DeFi products is growing as the platform manages to maintain fairly low gas costs ($ 0.04) compared to Ethereum. ($ 5.53), a noticeable difference for the BSC, which is 135 times cheaper.
Smart contracts – MyWish
With the MyWish platform linked to the Rubic platform, we saw that 10 smart contracts on Ethereum and 40 smart contracts on Binance have been built since mid-February 2021. This shows that there is significant development on the Binance side of smart contracts, possibly due to competitive gas fees.
Based on all the data presented here, as well as publicly available statistics, BSC has attracted a large number of users in recent months. But looking at the current trends, many users tend to switch back to Ethereum in order to store their assets.
Perhaps BSC can manage to maintain a consistent customer base by becoming a more advanced DeFi platform. The main reason people don’t like the BSC network is because it relies on a 21 validator system, while Ethereum has over 77,800 active validators.
This is a key point for many blockchain users and it is for this reason that some people do not trust the storage of their assets on the BSC network. BSC is currently increasing the number of validators with projects such as Ankr and Certik. In the future, BSC will increase the number of validators and the platform will gain more trust from users.
As transactions between Ethereum and Binance Smart Chain have increased accordingly, this week on the Rubic platform, users will be able to exchange for Binance Smart Chain and make instant transactions directly from Rubic.
The platform allows users to not only exchange from one blockchain of data to another, but also immediately trade on that blockchain. It also allows them to optimize the gas price they want to spend. Rubic’s goal is simple – to combine all blockchain exchange services on one platform for ease of use thanks to instant deals and order books.
Recommended image: knssr / Adobe Stock
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