Earlier this year when Ethereum gas fees first exploded upward and began to really affect the ability of novice crypto users to utilize the blockchain there were not a ton of well-known or developed alternatives. Really the first one to emerge during this time was Binance's blockchain called Binance Smart Chain or BSC. What really helped out BSC take-off was the fact that Binance was the largest exchange by volume but it is safe to say 2021 has not been good for Binance at all.
2021 was the year of decentralization and is an issue with Binance because it is highly highly centralized. Naturally, that lead to its blockchain suffering from the same thing.... being highly centralized which has turned off a lot of users. You have also had other solutions for cheaper DeFi emerge like Polygon which has enticed more users away from the BSC. The BSC hasn't died out or gone away by any means but it has really suffered since competition has emerged and a lot of projects that would have been coups for BSC have been developed and cultivated on other blockchains instead.
I think Harvest Fianance is a prime example of showing what has happened to BSC as it was the second chain that they branched out onto and did so in a large part because of the high gas fees on Ethereum. Binance helped foster its blockchain very well as well so a ton of DeFi options rapidly developed on the chain. However, as Binance came under more and more regulatory scrutainy and were forced to respond and adapt their chain has seemly suffered. While DeFi remains going strong NFTs ahve taken over and it seems BSC missed that ship.
When you now look at Harvest farms and the chains that they are on its very apparent that BSC has fallen to the wayside. The BSC only has 9 active farms and hasnt had any farms added in months now. On the otherhand the Polygon chain has been BOOMING with farms almost added weekly at this point! Polygon is now up to a whopping 15 farms and can only be expected to grow! Polygon is decentralized which is a key to many DeFi users and has been highly talked about by both small and large investors!
While it could be that the Binance chain ends up retooling and gearing up for a comeback as it stands right now it seems to have fallen far behind these newer chains. I didnt even mention Solana or Avalanche that have become very popular blockchains and have had some explosive growth in use and development. It will be interesting to see what all happens to BSC as it isnt dead but it is rapidly falling behind the rest of the smart-contract blockchains.
Please know I am not a financial advisor I am just someone who picked up on a trend and wanted to express it! Makes sure you always do your own research and never invest money you cannot afford to lose! If you enjoyed this article and would like to further support me below are a couple of referral links that if you used when signing up I would appreciate it!
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