Binance Smart Chain on-chain activity explodes ahead of Bruno upgrade on November 30
- Binance Smart Chain’s Bruno upgrade v1.1.5 launches on November 30 at 8 AM UTC.
- Binance Smart Chain recently surged to all-time high activity recently following the news of Bruno upgrade and burn implementation.
- Decentralized exchanges on Binance Smart Chain have over five times the sum of users across most major automated market makers and DEXes.
Transaction activity on the Binance Smart Chain has hit a peak as the network closes in on the v1.1.5 upgrade (Bruno upgrade). Binance Smart Chain’s native token BNB is offering relatively high risk-adjusted returns to holders when compared to other altcoins over the past 24 hours.
On-chain activity on the BSC network hit a peak
Based on the on-chain analysis, the volume of transactions on projects powered by the Binance Smart Chain (BSC) network exceeds the sum of transactions on most others. Proponents have noted that BSC is one of the most active blockchains in terms of active wallet addresses and transaction volume on projects powered by the network.
(2/3) Based on the on-chain analysis https://t.co/ZcKAFEWHIs, BSC is one of the most active blockchains, its daily/weekly active addresses are more than the sum of all the other popular blockchains.
— Binance Smart Chain (@BinanceChain) November 21, 2021
Proponents expect the implementation of burn to impact the supply of BNB in a similar manner as London hard fork did to Etheruem. The circulating supply of BNB is expected to be impacted negatively following the launch on November 30.
The network was heavily criticized for its centralization and efficiency on crypto Twitter; however, a BSC developer came out to support Binance Smart Chain earlier today.
Henry K, a BSC core developer, addressed BSC’s criticism in a medium blog. The blog reads:
This fact (yes, it is) may make many people frown with suspicious eyes because most of the headlines will only show about “total value locked” (TVL) and volumes in dollars. BSC and the projects on it wade through all these ranking sites for TVL and volume. But when it comes to user numbers, especially active users, BSC rules.
Bruno v1.1.5 will enable BEP95 that powers the real-time burning mechanism and burns BNB with every transaction on the network.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
