- 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.
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.
Recommended Content
Editors’ Picks
VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC
Bitcoin declined by 1% on Thursday following asset manager VanEck's forecast that the top digital asset will reach a $61 trillion market capitalization by 2050.
Ethereum Classic price sets for a rally following retest of key support
ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.
Celebrity meme coins lose their shine
Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.
Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit
Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation.
Bitcoin: Will BTC manage to recover from recent market turmoil?
Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.