BNB Smart Chain activity surges as token swaps dominate network usage.
BNB Smart Chain (BSC), the flagship network of the BNB ecosystem, on Thursday reached a new milestone of 5 trillion gas used in a single day as on-chain activity surged.
This was driven largely by 24 million swap transactions, which accounted for 77% of all network activity, a BNB spokesperson told The Defiant. BSC is currently the third-largest blockchain with a total value locked (TVL) of over $9.5 billion, up 90% from $5 billion in March, per DeFiLlama.
This comes after the network fully adopted a 0.05 Gwei standard gas price – down from 0.1 Gwei. BNB Chain validators proposed reducing gas fees around two weeks ago to lower costs and expedite transactions. This brings the average transaction cost down to about $0.005 – by comparison, Solana fees average around $0.0036, according to Token Terminal data.
Major partners, including Binance, Binance Wallet, Trust Wallet, Aster, and others, have also implemented this standard as their default, the spokesperson added.
“Gas fees matter. They decide where traders build, where liquidity flows, and where innovation happens,” BNB’s team said in a post on X on Sept. 23, prior to passing the proposal. “That’s why validators on BNB Chain are proposing to halve fees and accelerate block speeds, keeping [BSC] competitive with the fastest chains in crypto.”
These developments reflect BNB Chain’s efforts to attract and retain more users. In fact, monthly active users rose to 58.4 million as of Oct. 9, up 4% from 56.4 million on Sept. 25, per Token Terminal.
The milestone follows BNB, the ecosystem’s native token, recently reaching a new all-time high of $1,330, making it the third-largest cryptocurrency by market capitalization, behind Bitcoin (BTC) and Ethereum (ETH), with a total valuation exceeding $182 billion.
Activity on the network has also been fueled by a surge in memecoins earlier this week, with tokens such as BROCCOLI and 4 recording significant rallies.
In addition, on Sept. 24, global investment firm Franklin Templeton, which manages $1.6 trillion in assets, expanded its Benji Technology Platform to BNB Chain, marking another development for the network’s ecosystem.
