- Binance Smart Chain had a higher number of unique active wallets than Ethereum in Q1 of 2021
- Several Dapps plan on moving to BSC from Ethereum and could mean a bigger gap in Q2
- Total value locked on BSC DeFi applications grew by 30x in one quarter
- However, Ethereum still maintained a lead in terms of the total value locked in Q1
The team at DappRadar has released their quarterly Dapp industry report. According to the report, the Binance Smart Chain (BSC) has proven to be Ethereum’s biggest competitor in the first quarter of 2021 due to several top DeFi dapps moving or planning on moving, to the BSC.
Binance Smart Chain Unique Active Addresses Eclipsed Those of Ethereum in Q1
The report went on to point out that the Binance Smart Chain beat Ethereum in terms of daily unique addresses in the first quarter of 2021. During this time period, the Binance Smart Chain had an average of 105,00 daily unique active addresses compared to Ethereum’s 75,000.
Ethereum’s Total Value Locked Was Higher than the Binance Smart Chain
However, in terms of total value locked in Q1, Ethereum was ahead generating $54 Billion. On the other hand, the Binance Smart Chain DeFi ecosystem’s total value locked grew by 30 times during the same time period from $0.6 Billion to $20 Billion.
Q2 Might Yield A Bigger Gap Between BSC and Ethereum
The impressive growth of the Binance Smart Chain in Q1 led the team at DappRadar to conclude that Q2 might be a bigger one for the BSC as explained below.
Binance Smart Chain has overcome the Ethereum blockchain in terms of unique active wallets. Even though Ethereum has maintained pole position in terms of total value locked. The rapid growth of DeFi dapps in the BSC ecosystem while existing projects on Ethereum are moving over might change this picture as well.