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Binance Smart Chain hits record-high daily transactions

November 17, 2021 Coin Telegraph

Binance

The DeFi platform has recorded approximately 1.75 billion lifetime transactions since its launch in August 2020.

Analytical data from BscScan, a sister product of Etherscan, reveals that Binance Smart Chain (BSC) surpassed 14.7 million blockchain transactions on Tuesday.

This establishes a landmark all-time high for the decentralized finance network, which exceeds the previous high of 13.1 million recorded on July 29 this year.

In addition, 276,446 new wallet addresses were created on Tuesday, a notable advancement of the 111,244 new addresses on July 29. The BSC team tweeted an official announcement this morning to share the successful milestone.

Congratulations to the whole #BSC community!

Binance Smart Chain hit a record-breaking milestone of over 14.7 million blockchain transactions in one day; a milestone no other blockchain project has ever achieved!

Check here - https://t.co/XX7sdJ2nT8 pic.twitter.com/JTCvemoXRm
— Binance Smart Chain (@BinanceChain) November 17, 2021

For greater context, the Ethereum network recorded 1.3 million total transactions on Tuesday, with 134,354 new addresses added, while the Bitcoin network achieved 301,103 total transactions, with 740,829 new addresses onboarded.

BSC ecosystem coordinator Samy Karim drew comparisons to transaction metrics between different blockchain networks, stating, “In the last two weeks, daily BSC blockchain transactions have averaged well over 10 million txs per day. When compared to other blockchains, BSC currently boasts an ecosystem with the most number of transactions ever recorded at the lowest possible fees.”

Binance Smart Chain was incepted in late-August 2020 as a launchpad platform that cultivates the development of innovative startup projects and decentralized applications compatible with the Ethereum blockchain through the Ethereum Virtual Machine. To date, the platform facilitates over 1,000 dApps.

On Oct. 12, major cryptocurrency exchange Binance announced the launch of a $1-billion accelerator fund to enhance the proficiency of the Binance Smart Chain ecosystem in blossoming sectors in the crypto-sphere, such as metaverses, gaming, virtual reality and artificial intelligence, among others.

Gwendolyn Regina, investment director at BSC Accelerator Fund, shared some insights into the ten-figure funding pot:

“The $1 billion Growth Fund has already started projecting growth in the BSC ecosystem. We will support 500+ projects building on BSC with the aim to onboard the next one billion users to the blockchain and crypto space.”

BSC is home to 159 protocols, the most prominent of which is PancakeSwap. It currently reports a total value locked of $17.77 billion, which represents the majority of the overall $30.6 billion on the BSC platform, according to data from Defistation.

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Phoenix Global token soars by 5,600% in just four minutes — But there’s a catch

November 5, 2021 Coin Telegraph

binance smart chain

Phoenix Global quickly became the 52nd largest cryptocurrency by market cap.

It took just four minutes for a relatively unknown cryptocurrency to rise by over 5,600% as of Nov. 5, according to data from CoinMarketCap.

Dubbed Phoenix Global (PHB), the token soared from $0.02057 to as high as $1.1413 on Nov. 5, with its volume dropping surprisingly — from $3.79 million to around $777,680 in the same period.

*Phoenix Global (PHB) price action in the last 24 hours. Source: CoinMarketCap*

Nonetheless, at the core of the massive PHB pump was a token migration and a technical glitch, which CoinMarketCap has now fixed with PHB price now up a relatively modest 59%.

Fake PHB pump?

In detail, Phoenix Global announced in September that it would shift its enterprise decentralized application solutions from the Neo blockchain to Binance Smart Chain (BSC). In doing so, the team also proposed to migrate its NEO-based native asset PHX to PHB, a BEP-20 standard token, with a "redenomination" set at 100:1 (100 PHX = 1 PHB).

The said migration commenced on Nov. 2 and effectively reduced Phoenix Global's official token supply from around 3.5 billion to 35 million. Meanwhile, the resolution led to the new PHB tokens trading 100 times higher than the pre-swap dollar price.

That triggered chaotic calculations at CoinMarketCap, for it started comparing the value of old coins with that of the new ones while treating their supply cap the same as 3.5 billion. As a result, it led traders into believing that PHB's market valuation had grown 56 times in less than five minutes, hitting $4.24 billion to become the 52nd largest.

"The project had undergone a re-denomination, and this affected the largest volume market pair on one exchange," CoinMarketCap explained in private comments.

*Phoenix Global (PHB) market cap performance in the last 24 hours. Source: CoinMarketCap*

Just a glitch, after all

The cost to purchase one PHB token did not grow as boasted. On the contrary, the token dropped by more than 32% to $0.947 after debuting on Binance on Nov. 5, as shown in the chart below.

*PHIB/USDT daily price chart. Source: TradingView*

Earlier this year, a technical glitch on CoinMarketCap had also pushed Wrapped Bitcoin, a cryptocurrency that acts as Bitcoin's mirror within the Ethereum ecosystem, to the top crypto spot.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

binance smart chain