Quick setting:
- CZ made it clear once again that Binance Smart Chain is not a replacement or killer of Ethereum
- He believes ETH2.0 will be great when launched and BSC will be more like ETH1.8
- Transactions on the Binance Smart Chain are 100% backward compatible, faster and have lower fees than Ethereum
- According to DappRadar, Binance Smart Chain’s transaction volume has jumped to $ 853 million since its official launch in August
Binance CEO Changpeng Zhao has made it clear once again that Binance Smart Chain (BSC) was not built to replace Ethereum or kill this latest popular network. CZ also predicted that ETH2.0 will be “great when it comes out”. He also pointed out that Binance Smart Chain is more like ETH1.8 because it is backwards compatible, faster and has 97% lower fees than the current Ethereum network. CZ made the clarification regarding BSC via the following tweet.
#BSC it’s not a #ETH replacement or killer. I think ETH 2.0 will be great when it comes out … Until then,#BSC it’s more like a file #ETH 1.8. 100% backward compatible, faster and lower commissions (97% less).
– CZ Binance (@cz_binance) October 29, 2020
Binance Smart Chain transaction volume grows to $ 853 million
CZ’s comments reiterate what he said in May this year when he explained that Binance Smart Chain was not competing with the Ethereum network. Back then, he claimed that BSC is compatible with Ethereum and Binance Smart Chain aims to complement Ethereum.
Since its official launch in late August this year, Binance Smart Chain has become the home of popular DeFi platforms which have led to a significant increase in the volume of transactions on the network. According to DappRadar, 24 Dapps are currently live on the BSC chain. The DappRadar team also provided a summary of the platform results as follows.
BSC’s daily active portfolios grew 45% in October 2020.
The total volume of BSC transactions increased by 40% reaching $ 853 million in October 2020.
The most significant dapps regarding daily active wallets and transaction volume are PancakeSwap, BakerySwap, and BSCSwap.
Can the Binance Smart Chain Compete with Ethereum?
Although CZ has made it clear that Binance Smart Chain is not a competitor to Ethereum, the DappRadar team suggests that BSC could garner a significant market share of the DeFi space in the weeks and months to come.
Binance Smart Chain could offer competition to Ethereum in the coming weeks and months regarding the development of the DeFi ecosystem.
PancakeSwap, BakerSwap, and BSCSwap are the biggest contributors to the BSC protocol surge in both daily active wallets and transaction volume.
Not only the results of exciting dapps show that the chain is very relevant. The current [$100 million Binance] The fund dedicated to DeFi projects has proven to be a strong positioning statement for Binance in the DeFi ecosystem.
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