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01 March 2021

How Binance Put the ‘Smart’ in its Smart Chain - Decrypt

How Binance Put the ‘Smart’ in its Smart Chain - Decrypt

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How Binance Put the ‘Smart’ in its Smart Chain.

As the native token of Binance Exchange and Binance Smart Chain (BSC), BNB has surprised the entire crypto market byskyrocketing from $40 to over $300 in a matter of 20 days,surpassing Tether’s USDT stablecoin and Polkadot’s DOTto become the third-largest crypto by market capitalization. .

Some have pointed out that BSC’s smart contract transactionsare rife with failedattempts.

Since Binance has also quietly switched customers’ withdrawal chain to BSC,some users have complainedthat the experience is confusing, leading to lost funds.

More importantly, dismissing the rise of BSC as a pure volume play by the exchange is another form of intellectual laziness, because real money is flowing into the BSC ecosystem and that fact cannot be ignored. .

Why did Binance roll out its own “smart chain?”  Binance is supposedly the single biggest user of Ethereum, according tothis threadretweeted by CZ, which asserts that the reason it pivoted its own, more centralized chain is to help its users save gas fees.

Beyond that, most of the biggest-volume projects being built on BSC proudly resemble Ethereum-based DeFi projects, with a bit of Chinese characteristics.  .

But despite Binance’s best efforts to integrate with the rest of the ecosystem, the majority of trading pairs on PancakeSwap are still Binance-denominated assets. ?

The real rewards occur when these DeFi projects and their supposedly no-value governance tokens get listed on Binance’s main exchange where millions of retail buyers ape in. ?

Prominent Ethereum-based DeFi projects are also replicating themselves on BSC, aiming to get easy access to Binance’s impressive customer base.

And for now at least, L2 projects are still nascent with many still in their R&D phase.

Second, it’s not clear how Binance would compete with other centralized exchanges’ DeFi chains

Is BSC a strong enough force to compete with Ethereum, despite CZ’s repeating statement that BSC is not a Eth-killer

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