⚡Crypto Alert : Altcoins are up 28% in just last month! Unlock gains and start trading now - Click Here

DeFi and GameFi Driving Significant Growth in Binance Smart Chain Activity

Has the relatively new entrant Binance Smart Chain (BSC) managed to successfully overthrow Ethereum in terms of popularity? If it was DeFi that first drove the uptick in BSC’s adoption, the recent craze in the ‘Play to Earn’ or GameFi space has boosted Binance’s very own public blockchain’s appeal among users in the market lately.

BSC’s PancakeSwap is playing catch up with the leading DeFi protocol, Ethereum’s Uniswap, especially as more projects opt for the former owing to Ethereum’s high network congestion and gas fees. While the GameFi space’s leader, Axie Infinity soars in popularity and boosts activity on the Ethereum network, BSC has its own answer to this in the form of CryptoBlades.

According to analysis by DappRadar, while Uniswap retains the lead over PancakeSwap in terms of trading volume, the ranking is switched when considering the number of daily active users. CryptoBlades is one of the biggest drivers responsible for PancakeSwap’s surge in daily users, going on to top the charts as the number 1 game in the blockchain space.

Over the past 30 days, this game has seen almost 650k users conduct more than 86 million transactions on the BSC network, garnering up a volume of over $100 million. In contrast, Ethereum’s leading game Axie Infinity has seen over 255k users conduct a little over 1 million transactions, but the volume is far higher, coming in at more than $844 million.

Binance’s CEO Changpeng Zhao seems optimistic that the number of transactions on the BSC network can continue to grow, especially powered by DeFi and GameFi. However, the world’s largest crypto exchange could face stiff competition in the blockchain gaming space from Polygon, which has recently turned more serious about the sector after it set up Polygon Studios.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
ABOUT THE AUTHOR See More
Avatar
Aiswarya Gopan
Financial Writer & Editor - Asia & Europe Desk
Aiswarya Gopan is a former cybersecurity analyst, tech journalist and market researcher, who joins FX Leaders with over three years of experience in the blockchain industry. Aiswarya's areas of focus include market news out of the Asian and European markets as well as news coverage on cryptocurrencies.
Related Articles
🔒 OPEN A TRADING ACCOUNT