<\/p>\n
BNB Smart Chain activity surges as token swaps dominate network usage.<\/p>\n
BNB Smart Chain (BSC)<\/a>, the flagship network of the BNB ecosystem, on Thursday reached a new milestone of 5 trillion gas used in a single day as on-chain activity surged.<\/p>\n This was driven largely by 24 million swap transactions, which accounted for 77% of all network activity, a BNB spokesperson told The Defiant. BSC is currently the third-largest blockchain with a total value locked (TVL) of over $9.5 billion, up 90% from $5 billion in March, per DeFiLlama<\/a>. <\/p>\n This comes after the network fully adopted a 0.05 Gwei standard gas price \u2013 down from 0.1 Gwei. BNB Chain<\/a> validators proposed reducing gas fees around two weeks ago to lower costs and expedite transactions. This brings the average transaction cost down to about $0.005 \u2013 by comparison, Solana fees average around $0.0036, according to Token Terminal data.<\/p>\n Major partners, including Binance, Binance Wallet, Trust Wallet, Aster, and others, have also implemented this standard as their default, the spokesperson added. <\/p>\n \u201cGas fees matter. They decide where traders build, where liquidity flows, and where innovation happens,\u201d BNB\u2019s team said in a post<\/a> on X on Sept. 23, prior to passing the proposal. \u201cThat\u2019s why validators on BNB Chain are proposing to halve fees and accelerate block speeds, keeping [BSC] competitive with the fastest chains in crypto.\u201d<\/p>\n These developments reflect BNB Chain\u2019s efforts to attract and retain more users. In fact, monthly active users rose to 58.4 million as of Oct. 9, up 4% from 56.4 million on Sept. 25, per Token Terminal<\/a>. <\/p>\n The milestone follows BNB, the ecosystem\u2019s native token, recently reaching a new all-time high of $1,330<\/a>, making it the third-largest cryptocurrency by market capitalization, behind Bitcoin (BTC) and Ethereum (ETH), with a total valuation exceeding $182 billion.<\/p>\n Activity on the network has also been fueled by a surge in memecoins earlier this week, with tokens such as BROCCOLI and 4 recording significant rallies<\/a>.<\/p>\n