In brief:
- The number of unique addresses on the Binance Smart Chain has hit a new ATH of 47.3M
- This is a 2,265% increment from mid-February’s peak of 2M unique addresses
- 1inch Exchange recently expanded to the Binance Smart Chain and could be one reason for the increased unique addresses
- Such a high number of users on the BSC could ultimately push the price of Binance Coin higher
The number of unique addresses on the Binance Smart Chain has hit a new all-time high of 47.3 million. This is a whopping 2,265% increment from February 14th when the number of unique addresses on the Binance Smart Chain had hit a high of 2 million.
The graph below, courtesy of BSCScan.com, further demonstrates the parabolic increment in the number of unique addresses on the Binance Smart Chain since the beginning of 2021.
1inch Exchange Expands to the Binance Smart Chain
To note is that the Binance Smart Chain saw its highest increment of unique addresses (6.382 million) on February 7th, 2021. This massive increment coincided with the team at 1inch Exchange announcing that they would be deploying the 1INCH token on the Binance Smart Chain.
According to the official announcement, the expansion of the 1INCH token to the Binance Smart Chain will provide a bridge for users to access all the Binance based DEXs as explained below.
The 1INCH token on Binance Smart Chain will be used for a bridge between the Binance and Ethereum networks. When a user sends 1INCH tokens to BSC, they will be locked in Binance Bridge, and a corresponding value in 1INCH tokens on Binance will be consequently unlocked.
1inch users will get access to PancakeSwap, BurgerSwap, StreetSwap, Venus, StableSwap, JulSwap, BakerySwap and other Binance-based DEXes and lending protocols.
Increment in Binance Smart Chain Unique Addresses Could Push BNB Higher
Such a meteoritic increment in unique addresses on the Binance Smart Chain in a two-week period is bound to increase transaction activity involving Binance Coin (BNB). The continual increment of new addresses on the Binance Smart Chain was first highlighted in early February right before Binance Coin (BNB) exploded in value from $50 to a new all-time high of $349 on the 19th of February.
Therefore, chances are that Binance Coin could increase in value henceforth, but based on Bitcoin providing the perfect market environment for BNB to thrive. If Bitcoin manages to recapture $50k, BNB could very well be on a path towards retesting and possibly eclipsing February’s peak value of $349. The converse is also true. If Bitcoin drops to $42k or lower, BNB will have a hard time mimicking the success of the Binance Smart Chain.