Are we about to see a mass exodus to Binance smart chain?
I’ve got a couple of ERC-20 token I’ll probably never move from my wallet again, ask why? I simply can’t pay $20 to move $50 worth of low cap crypto tokens. Uhm, someone else has a similar view:
As warned earlier, the ethereum blockchain seems to be finally caught in its issues. Earlier on, I made a comment why Tron blockchain should worth more than its current valuation;
Fast, cheap, flexible… regardless of your conviction about the Tron blockchain, it offers these features on a platter. Something the ethereum blockchain and many other smart contract blockchains haven’t really done so well at. It’s worthy of note that it had offered these features way before most new smart contract blockchain projects. just like the ethereum blockchain, Tron offers a great platform to launch smart contracts and build decentralized applications on the blockchain. In contrast to the ethereum blockchain, you’ll be building these applications on a cheaper and less bulky blockchain.
Anyways, following reaction from readers, I think Tron has got an administrational problem, not a technological problem. But Justin Sun seems to be too busy buying bitcoin, expensive dinner(s) and NFTs, lol. While Justin stayed busy with other ‘personal’ business, the crypto space has evolved enormously and the smart contract game has heated up so much over the past few months. Couple of smart contract platforms and cross-chain solutions have emerged to offer an alternative to cryptocurrency enthusiasts falling out of love with ether and its blockchain.
Projects such as Fantom, Elrond network, cardano and Binance’s smart contract platform — Binance smart chain, have seen incredible price discovery moves following optimistic reception of their solutions by the cryptocurrency community. Posting face-melting gains, these projects have soared up the charts as cryptocurrency enthusiasts seek better alternatives to ethereum’s technology and Tron’s administration as well.
Amongst these relatively new platforms, Binance’s smart chain has seen an explosive growth as new projects continue to emerge from its ecosystem. Following support from Binance exchange and its administrators, these new projects have found a fertile ground to grow. An opportunity to build under the watch of one of the biggest cryptocurrency exchanges and a much cheaper platform; Binance smart chain is an enticing platform for new projects.
The outburst in Binance smart chain projects is an evidence of the fertility of the Binance smart chain. Despite most of these projects being DeFi-oriented and mostly a lazy copy of similar projects on the ethereum blockchain, Binance Smart chain’s exponential growth is unarguable.
The Binance smart chain itself is only different from the ethereum blockchain in two ways; cheaper fees and probably an increased flexibility. In essence, it is basically a copy of the ethereum blockchain, further validating ethereum blockchain’s superiority in the smart contract game.
Binance smart chain’s similarity to the ethereum blockchain actually appears to be deliberate and an attempt to ease the ethereum blockchain of its burdens or replace it…if possible. It features an Ethereum Virtual machine compatible smart contract platform which allows existing ethereum blockchain projects port to the Binance smart chain easily. If you have an ethereum wallet, you could easily claim the same address on the Binance smart chain with your ethereum wallet’s private key. In summary, Binance smart chain is simply a cheaper and more flexible ethereum blockchain, a very good stuff, if you ask me.
While decentralized exchanges on the ethereum blockchain struggle with cutting down gas fees, similar applications on Binance smart chain would have to worry about other issues. Fantom’s opera chain presents much lower fees, the cryptocurrency community seems to be too busy to realize this though. Thanks to these advantages new (DeFi) projects are flooding the Binance smart chain. Binance smart chain’s compatibility with ethereum smart contracts also entices ethereum developers. Couple of existing projects have developed cross chain facilities to enable interoperability between Binance smart chain and ethereum blockchain.
Many projects practice cross chain token swaps, minting tokens on the Binance smart chain to enable users swap between ethereum blockchain and the much cheaper Binance smart chain. This concept has been adopted by a couple more projects while many others have completely abandoned the ethereum blockchain to ply their trade on the Binance smart chain.
Binance exchange’s CEO, Changpeng Zhao, has also been very vocal about his new project. Despite being criticized as being ‘centralized’, Binance smart chain has grown over this criticism to become one of the hottest prospects in the crypto space. New projects continue to grow in this space while existing projects on ethereum review their position as ethereum blockchain continue to struggle with its issues. Will we see a mass exodus from the ethereum blockchain to Binance smart chain?
A definite answer will depend on the ability of ethereum developers to fix ethereum blockchain’s issues. Ethereum has announced a couple of new protocols which is centered on reducing gas fees and making the ethereum blockchain cheaper while fixing other issues including flexibility. Ethereum blockchain without these issues remains superior to any other alternatives, if these issues can get a fix before the cryptocurrency enthusiasts lose their patience, we might see ethereum reclaim its past glories. However, if this fails to materialize, a mass exodus to Binance smart chain is in the cards.
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