This Friday morning we saw some of the main names involved in the development of Ethereum attacking the Binance Chain. Can binance coin take the place of ether?
Despair knocks on the door
With the launch of Binance Smartchain, the Binance Coin (BNB) token gained use in the growing Decentralized Finance (DeFi) scenario. Since then, BNB has grown at incredible rates. Only in the last 7 days we saw a 116% increase in the price, which means that an investment of only R $ 1,000.00 would turn into R $ 2,160.00. The advancement of blockchain solutions by Binance, the largest crypto broker on the planet, has caused headaches and despair in the Ethereum community – which is under threat. Anthony Sassano, founder of The Daily Gwei, Ethhub.io and one of the biggest influencers in the Ethereum ecosystem summarized the community's fears with the Biance Chain:
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“Yes, I am extremely impatient today. I haven't worked 4 years helping to spread the word of Ethereum to watch a blockchain fraud get promoted as something compared to Ethereum. I will fight it forever – you can hate me for it all you want ”, tweeted Anthony Sassano.
Centralization? Who cares?!
Why is Binance Smart Chain gaining so much attention? The reasons are many, but mainly due to low transaction fees. Currently, Ethereum rates only allow large players to play with decentralized finance. The average investor is switching to alternatives, even more centralized. Analyst and youtuber Ivan on Tech believes that centralization does not matter for most investors.
“Some people make the mistake of saying that the Binance Chain is centralized and therefore it will never work. Look, people in this industry don't care about centralization, they don't care! They call the games. Look at you in the mirror, most of you care about the game, ”said Ivan.
He also highlighted the essential role of centralized tokens like Tether and USDC for “decentralized finance” in Ethereum. "What does that mean? It means that even at Ethereum we have a huge centralization. Because? Everyone is using USDC, a centralized company, could freeze everyone's funds at any time. People still use it, why? Because they give you some feedback. ” – completed the youtuber.
Are the new gems migrating?
The analyst also sees a change and great opportunities in the new generation of gems (assets with great potential) at BSC: "the market change that you should be aware of is that the new generation of gems comes from Binance Chain and see that always changes" .PancakeSwap, the largest DeFi app at BSC has $ 3 billion in Total Allocated Value (TVL) while the largest DeFi on Ethereum is at $ 7 billion. Source: DeFi PulseBut the values are changing quickly, since all projects can migrate with a few clicks to the Binance Chain and with the advantage of more scalability, low rates and incentives from the powerful Binance.So is the Ethereum cycle ending?Probably not, there is still a huge $ 179 billion market cap, hundreds of developers and investors. Apart from the euphoria created by Ethereum 2.0 and upcoming blockchain updates. What is my opinion on this? THE same from Adam Back: “There are more than 8000 alts (alternative currencies to bitcoin). Most will not stand the test of time, they cycle and disappear, replaced by new currencies. There is only one currency really, #Bitcoin and YOU CAN BUY PART OF A BITCOIN. Stack sats etc. They are divided into tiny parts. ”