Here is a comparison of some parameters to gauge the market relevance and pace of both the leading platforms.
Total value locked
Etheruem has a TVL of $51.87 Billion currently. The platform made a steady growth towards the end of last year, but this year the growth has been plateauing and stalling because of congestion and high gas fees of the platform.
Whereas Binance already has $30 Billion TVL, and the volume is growing faster and steeper.
Binance has an upper hand in small volume traders and stakers as it is cheaper than Ethereum. While for large traders and stakers high gas fees don’t make a difference and hence stay on Ethereum itself.
The user base of DApps
Etheruem has a huge number of DApps on its platforms, but the concentration of the user base rests only in the top 8 DApps of the platform like Uniswap, Sushiswap OpenSea Synthetix, and Axis Infinity, causing congestion problems.
Meanwhile, Binance has 6 times fewer DApps than Ethereum but the concentration of the user base is distributed among all.
In comparison, BSC’s Pancakeswap has 64K users whereas Uniswap has around 50K users. Here Pancakeswap has already taken over Ethereum.
Binance is taking over Ethereum in terms of daily transactions too. While Ethereum just has 1.5 Million transactions every day, Binance Smart Chain has 5 Million transactions per day. Hence, BSC has 3 times more volume than Ethereum does only because it is significantly Cheaper.
Block times and Unique Addresses
The average block time of Ethereum is 13 seconds which is quite good but Binance has a block time of 3 seconds consistently throughout all transactions. In terms of unique addresses,
Etheruem has unique addresses of 147 million, whereas Binance has 64 Million, i.e almost 3 times lesser, but it is catching up pace faster and better every day.
After a brief look at all the above parameters, it is safe to conclude Binance will definitely flip Ethereum, but what is to be watched out for is how much more time will it take to achieve that.