The value of Binance Coin is on the rise and is up by over 20% at this hour. This is quite expected given the massive adoption of the Binance Smart Chain as an Ethereum alternative. So much so that the network is starting to feel the strain.
According to the Binance Chain Community, the daily transactions on the network have now hit a record of over eight million. The effect of overload is being felt on Pancake Swap, and the network is becoming inefficient. This has seen an increasing number of Pancake swap users raise issues about error messages when trying to get transactions through the network.
Essentially, with the rising demand for Binance Smart Chain, the network seems to be encountering the same problems that Ethereum has been struggling with all along. At the moment, gas prices on the BSC network have shot up by 87%. Yesterday gas usage on BSC increased by 50%, with most of the surge coming from Pancake Swap.
Nonetheless, this has not deterred traders and developers from using Pancake Swap. Per DeriBit, Pancake Swap continues to outdo Uniswap, and in the last 24-hours, its volumes were $1 billion higher. The total value locked on Pancake is also rising astronomically and now stands at $10 billion.
This is a billion dollars higher than the TVL on Uniswap and even much higher than that on Sushiswap. This demand has led to a massive rally in native tokens on the Binance Smart Chain network.