Compare the difference between Binance Smart Chain and Ethereum

What is the difference between Binance Smart Chain (BSC) and Ethereum when at first glance they look very similar. DApps and tokens built on BSC are compatible with the Ethereum Virtual Machine (EVM). You may have noticed that your public wallet address on both blockchains is the same. There are even cross-chain projects that work on both networks. However, there are some notable differences between the two series. If you’re wondering which one to use, it’s best to know and understand the differences.
Difference between Binance Smart Chain and Ethereum.

Meanwhile, Ethereum has never exceeded 1.75 million daily transactions. For users who need to transfer funds frequently, BSC seems to be the more popular choice. Daily transactions also need to be seen in the context of active addresses. As written, BSC now has a larger average number of trading users.

Difference between Binance Smart Chain and Ethereum.

When it comes to decentralized finance, there is a large amount of cross DApp between BSC and Ethereum, due to the compatibility of Blockchains. Developers can easily port applications from Ethereum to BSC, and new BSC projects often reuse the open source code from Ethereum under a different name. Let’s take a look at the top 5 Ethereum DApps by users on DAppRadar.


Here you can see there are two DeFi Automated Market Makers (Uniswap and SushiSwap), a crypto game (Axie Infinity) and a peer-to-peer NFT marketplace (OpenSea). If you look at the top 5 companies that use BSC, you’ll see a lot of similarities.


PancakeSwap was created as a hard fork of Uniswap. Autofarm and Pancake Bunny are yield mining farms – an area we don’t see in Ethereum’s top five Dapps. Biswap and Apeswap are both automated market makers. Since fees on BSC are very cheap and transactions are significantly faster, yield mining farms tend to be more efficient when operating on Binance Smart Chain. These factors make these projects a popular choice among BSC users.

When it comes to crypto games, Ethereum is truly the home of the most popular titles out there. While there are projects on BSC that are very similar to CryptoKitties and Axie Infinity, they do not attract a large audience like the classic games on Ethereum.

If you have done any Bep20 or Erc20 token deposit into your wallet, you may have noticed that your Ethereum wallet address and your BSC wallet are identical. So, if you choose the wrong network when withdrawing tokens from an exchange, you can easily get them back from that Blockchain.

If you accidentally withdraw your Erc20 tokens to BSC, you can still find them in the respective BSC address. You can also go through the same process if you accidentally send tokens from BSC to Ethereum. In either of these cases, your money is fortunately not lost forever. For more detailed instructions, read the article How to get crypto back when transferring the wrong wallet code on Binance.

BSC and Ethereum both use a gas model to calculate transaction fees and measure the complexity of a transaction. BSC users can set gas prices according to network demand, and miners will prioritize transactions with higher gas prices. However, Ethereum’s London hard fork will bring some modifications that will potentially eliminate the need for high fees.

The Ethereum update creates a new pricing mechanism with a base fee per block. This base fee varies depending on transaction demand, eliminating the need for users to determine gas prices themselves.

Historically, Ethereum gas fees have been much higher than those on BSC. The highest average fee was seen in May 2021 at $68.72. This trend has started to appear, but currently Ethereum’s fees are still more expensive.


To transfer Erc20 tokens to another wallet, the average price as of June 28, 2021 is $2.46. This increases to $7.58 using the Uniswap liquidity pool, which involves multiple transactions.


Below, we can see a transaction on BSC with a fee of only $0.03, which is equivalent to an Erc20 transfer in Ethereum’s gas tracker. BSC calculated this by multiplying the amount of gas used in the transaction (21,000) by the price of gas (5 gwei).


Measuring average transaction times across blockchains can be a bit complicated. While a transaction is technically complete when miners validate the block it resides in, other aspects can still affect the time and keep you waiting:

1. If you set your fees not high enough, miners may delay your transaction or even not include it in a block at all.

2. More complex interactions with Blockchain require multiple transactions. For example, add liquidity to the liquidity pool.

3. Most services will only be considered a valid transaction after a certain number of blocks have been confirmed. These additional confirmations will reduce the risk of merchants and service providers having to revert payments in the event of a block being rejected by the network.

If we look at the Ethereum gas stats above, we can see that the transaction time ranges from 30 seconds to 16 minutes. These numbers take into account successful transactions but do not take into account additional confirmation requirements.

For example, if you deposit ETH (Erc20) into your Binance account, you will need to wait for 12 confirmations of the network. With a block mined about every 13 seconds, as you can see from the chart below, this will add 156 seconds to deposit ETH to your spot wallet.


On BSC, the average block time is 3 seconds. When we compare this to Ethereum’s 13 seconds, we’re looking at a speed improvement of about 4.3x.


Although Ethereum’s proof-of-work (PoW) consensus mechanism is similar to that of Bitcoin, it is vastly different from BSC’s fixed proof of ownership (PoSA) mechanism. However, this difference will not last long. With Ethereum 2.0, the network will use the Proof of Stake (PoS) mechanism instead.

BSC’s PoSA consensus mechanism is a combination of two algorithms of Proof of Authority and Delegated Proof of Stake. The 21 validators take turns generating blocks and in return they receive a reward of BNB transaction fees. To become a validator, you must run a node and stake at least 10,000 BNB to be the elected candidate.

Other users, known as delegators, will stake stakes in BNB for an elected candidate. The top 21 candidates are elected according to the stake, and then will process the blocks in turn. This whole process repeats every 24 hours. Authorizers also receive a reward that validators earn.

Ethereum’s PoW is a hugely different system. Instead of the community choosing validators, there is a race to solve a computational puzzle. Anyone can participate, but they will need to buy or rent specialized mining equipment. The more computational power you have, the more likely you are to solve the puzzle first and confirm a block. Successful miners receive transaction fees and ETH rewards.

While PoW is an effective way to create consensus and ensure network security, developers have explored the use of other mechanisms. Their goal is to find more efficient and eco-friendly alternatives without compromising on security.

For these reasons, the Ethereum network will move to a Proof of Stake mechanism. Validators will stake ETH for a chance to generate blocks. Other validators will “validate” the block and check if it is correct. If someone creates a block containing the wrong transactions, they run the risk of losing all their staked funds. Validators will then receive rewards for successful blocks and for any endorsements they make. By directly depositing and staking large amounts of ETH, malicious validators risk losing their funds.

Obviously, there are a lot of similarities between Binance Smart Chain and Ethereum. One of the reasons is to make it easier for Ethereum users to migrate and start testing on BSC. But despite the similarities, BSC has adopted significant changes to try to improve performance and efficiency. The Proof of Staked Authority (PoSA) consensus mechanism makes it possible for users to enjoy cheaper and faster blockchain transactions.

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