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. 

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. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Ethereum price bullish reversal sets ETH on a return to $3,820

Ethereum price is forming a bullish chart pattern that projects a 12% bounce toward $3,820. Only a slice above $3,398 would validate the optimistic forecast. A stiff hurdle may emerge at the 78.6% Fibonacci retracement level at $3,709.

More Ethereum news

Cardano price presents buy opportunity before ADA gears up for 40% ascent

Cardano price could tag lower levels before ADA bulls prepare to reverse the period of underperformance. The Ethereum killer could slide toward the January 10 low at $1.07 before falling toward the lower boundary of the prevailing chart pattern at $1.04.

More Cardano news

Algorand price due for a 25% upswing as ALGO reveals a bullish setup

Algorand price has seen a considerable drop over the past 24 hours and shows that this bearish outlook might be coming to an end. As ALGO finds its footing at the current support level, investors can position themselves to maximize the gains that will follow.

More Algorand news

Chainlink must return above this price level or LINK will fall back to $20

Chainlink price is facing difficulties moving above a significant resistance zone on the weekly chart. Failure to close above this resistance on the weekly chart could trigger a strong resumption of falling prices. Chainlink price behavior  for the remainder of Jan will likely be decided this Friday.

More ChainLink news

BTC eyes retest of $50,000

Bitcoin price shows a resurgence of retail interest as it bounced off a crucial psychological level. The recent uptrend is preparing a base on a short-term time frame so BTC can kick-start a larger leg-up. Interestingly, on-chain metrics are lining up with the bullish outlook portrayed from a technical perspective. An uptrend now seems inevitable for BTC and, therefore, the larger ecosystem.

Read full analysis