Binance’s BNB Chain Hits Record Transaction
Binance’s BNB chain has recorded its all-time high transaction count, with 32.7 million transactions registered on December 8.
This is despite ongoing challenges faced by the network, including a hostile US Securities and Exchange Commission (SEC).
In the past, BNB-based decentralized applications (dApps) were bound by Binance’s massive influence over the price of BNB, which could significantly influence the network’s overall capitalization.
The SEC’s lawsuit against Binance in June led to a crash in the BNB market, dragging down BEP-20 tokens like CAKE.
Recently, Binance’s $4 billion settlement with the Department of Justice (DoJ) has added a dramatic twist to its ongoing legal battle with the SEC.
The DoJ is now incorporating evidence from the settlement into its case against Binance and former CEO Changpeng “CZ” Zhao.
The BNB chain’s transaction count has reached new heights despite these challenges, indicating the ecosystem’s growing resilience.
dApp-users appear less worried by Binance’s regulatory malaise. In the past year, BNB has moved to increase decentralization, adding more validators, but still having fewer than most of its peers.
(With inputs from Shikha Singh)
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