Binance Founded BNB Chain Eclipses Ethereum in Unique Addresses
The Build & Build ($BNB) Chain has surpassed the second-biggest cryptocurrency by market cap, Ethereum ($ETH), in regard to the count of distinct addresses on the blockchain.
In a letter released by the BNB Chain’s creators, they boast to be the “world’s biggest layer-1 blockchain” as a result of the increase. A BNB Chain block analyzer reveals that it has more than 230 million distinct addresses, exceeding the 220 million distinct addresses observed on the Ethereum blockchain.
As initially reported by Cointelegraph, the Bitcoin blockchain network remains the biggest layer-1 blockchain across the globe, with more than 1 billion distinct addresses. BNB Chain has eclipsed Ethereum, which has a significantly bigger and more mature environment, in terms of growth.
In May, the blockchain network reached its daily trade limit of 9.8 million, and in October, it reached 2.2 million daily active users. Daily active network users were described as distinct e-mail addresses engaging regularly with smart contracts.
The expansion of the network was attributable to a variety of causes, including the addition of sidechains to better support resource-intensive applications and other improved features. Additionally, the development team said that it financed a building fund and a $10 million rewards scheme for decentralized software developers, whose innovations drew additional users.
In addition, the network released the Avenger decentralized autonomous organization (DAO), an API that notifies BNB Chain users anytime they engage with maliciously marked contracts.
Binance, the major cryptocurrency exchange, often burns $BNB, the native coin of BNB Chain. As stated in its whitepaper, Binance would utilize its earnings to burn crypto tokens until the circulation quantity falls to 100 million.
In October, Binance revealed that its most recent quarterly $BNB crypto token burn resulted in the destruction of more than 2 million tokens valued at more than $575 million.
As per Binance’s official statement, an aggregate of 2,065,152.42 $BNB crypto tokens have been destroyed as a component of the most recent quarterly burn, with an aggregate of 4,833.25 $BNB emerging from the cryptocurrency exchange’s Pioneer Burn Program. Under this program, Binance considers as burned BNB tokens that clients have ended up losing after transferring them to irreversible addresses, and covers their economic loss with BNB that was scheduled to be destroyed.