Parallel Transaction Executions Coming to Binance Chain

The developers of Binance Chan announced that parallel execution of transactions will appear in the blockchain. Now they have thrown all their efforts into working on this, and the implementation of the new feature will be carried out through the Ethereum Virtual Machine. According to the developers, the power of the network can be significantly increased.

Binance Chain developers have been working on this idea for a long time. For the first time, parallel execution of transactions became known in 2021. At the end of the same year, developers began to work on the implementation of their plans.

Embedding of parallel executions of transactions will be implemented in several stages. First, the developers set up the workflow, laid the foundations and architecture in May 2022. Last November, they launched the second phase, which included improving the performance of all processes. At the moment, developers are working on the 3rd and 4th phases of development. Although they have not fully built in a new system for parallel transaction execution, the result of their labors is already noticeable. As a result, the commission in Binance Chain decreased by 20-50%.

On-chain analytics experts reported that network performance was surprisingly able to remain stable even during the worst of times during a bear market. The Binance Chain Scanner indicates that on the blockchain, the daily number of transfers on the network exceeded the $3,200,000 mark. This is 3 times more than in the Ethereum network of the first level.

This figure has doubled to date, allowing the BEP-20 network to now process over $6,000,000 daily. Unique addresses, in turn, were able to reach a record high and there are already more than 247,000,000 wallets on Binance Chain. As for daily users who conduct transactions, this amount is much more modest and amounts to 974,187. It is noteworthy that the same indicator was seen on the Binance Chain network in mid-2022, when the maximum fear among investors was traced in the market.

At the time of writing, one BNB is valued at $310. This is 26% more than January 1st. At that time, one Binance token was valued at $246. The total volume of trades conducted by traders over the past 24 hours amounted to more than $450,000,000, and the capitalization of the token is almost $49,000,000,000.