BNB Smart Chain, largely identified as BSC, processed 32 million transactions. This has set a new record not just for the BNB Smart Chain but also for the industry. It has been defined as a benchmark in terms of processing the best daily transactions. The figure is way more than its previous ATH number of transactions.
The traffic was recorded between 2:00 am and 5:30 am UTC. The 3.5 hours of traffic on the network has proved how resilient the chain is and how well it has been crafted to handle the workload. It was a real-time stress test with significant congestion that was handled flawlessly.
A larger number of movements are credited for causing an influx like this. Thereby, the gas fees are coming under the radar. There was barely any change for BSC, and the gas fees remained more or less the same. The congestion period went on, with the fees staying relatively stable. Users sparked a slight misconception when they could not view their transactions on BSCScan. That has been looked into. If the statements are believed, the issue was due to lag. The chain operated as usual.
What affected BSCScan was an increase in loads on RPC and indexing services. That had an impact on data synchronization and processing.
Nevertheless, BNB Smart Chain has expressed commitment to work on the issue and rectify it at the earliest. As a matter of fact, the team has already implemented key measures and services that will support the effectiveness and functionality of the chain under every circumstance. The team has implemented it to support a volume that could exceed the recent peak.
Moving forward, BSCScan is working to expand its system with the technical support of the BNB Chain core team.
The block size has increased from 140 million to 200 million. It could be increased again to better support future demands pertaining to processing a larger volume of transactions.
A small effect of the development is simultaneously visible in the value at which BNB is exchanging hands. The value of Binance Coin has increased by 7.06% in the last 24 hours, with the last trade recorded at $250.06. However, the figure slips to 11.47% on a year-to-date basis. Market Cap and 24-hour volume are up by 7.03% and 81.18%, respectively.
As BNB continues to climb the ladder, all eyes will be set on how effectively BNB Smart Chain upgrades itself to handle the rising demands. It has processed 32 million on-chain transactions. Chances are that the activity will move upward, and the chain will be time-tested practically yet again. At the moment, BSCScan experienced lag; however, replicating it would jeopardize the trust of the community. Traffic volume is likely to be handled better by the entire BNB ecosystem in the future.
Source: https://www.cryptonewsz.com/bsc-records-the-highest-number-of-transactions-processed/