PancakeSwap continues to attract new DeFi users and those making smaller transactions.

Report mentionedDabradarYesterday, April 21st, PancakeSwap transactions have now exceeded that of the entire Ethereum network for transactions in a 24-hour period.

Quoting from the report:

According to data from BSC Scan PancakeSwap, PancakeSwap had more than 2 million transactions compared to 1.55 million Ethereum transactions in the last 24 hours.

BSCscan also reported that the Binance blockchain has reached a record 9 million transactions per day, 4 times more than the Ethereum blockchain.

The same chart on Etherscan also shows a record high, but only 1.5 million transactions per day as of April 21.

Read:On the last drop: El Salvador buys 410 Bitcoin for $15 million

The report attributed some of this momentum to the “Safemoon” digital currency built on the BEP-20 standard and included in the “PancakeSwap” decentralized trading platform, which we previously warned about in a previous article:

What is SafeMoon coin? And why should you be wary of it?

This coin is making the event on various social media as it amassed over a quarter of a million followers on Twitter in less than a month.

Blockchain Binance Under Pressure:

All this activity does not come without downsides.

The Binance BSC blockchain has been touted as an Ethereum killer, but it also feels pressured under huge demand if the entire infrastructure is not designed to handle all of these transactions.

On April 20, PancakeSwap responded to a number of user complaints about failed transactions and general errors, saying that there were too many users on the platform and the Binance BSC blockchain was overloaded.

BSCscan also reported a record increase in the daily gas used to pay transactions.

April 21 was the highest number ever at 1.3 million, an increase of 285% since the beginning of the month.

Read:Elliptic partners with the NEAR crypto project to improve the security of blockchain networks

Research suggests that the Binance BSC blockchain could go down the EOS path if steps are not taken to upgrade computing power, storage, and availability to keep pace with the increase in demand.

Read:MercadoLibre launches its digital currency “MercadoCoin” in Brazil…Details here

Ethereum Ignores Crypto Market Correction:

Ethereum may be lagging behind the BSC blockchain in terms of transactions, but it has ignored this recent correction in the crypto market, gaining 11.4% on the day to trade at $2,556 at the time of writing, according to CoinGecko.

On the contrary, Bitcoin continued to fluctuate between $54,000 and $55,000.

The cryptocurrency “CAKE” and “BNB” also witnessed a rise during the past 24 hours, increasing by 4.35% and 0.3%, respectively.

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