This is the real Ethereum killer... Seriously.

This is the real Ethereum killer... Seriously.

By Nams | cryptohowto | 10 Feb 2021


You might have probably heard about platforms that have been dubbed “Ethereum killers”. Protocols like Polkadot and Cardano, among others, have been regarded as Ethereum killers because they seemingly improved on many of the Ethereum network’s flaws such as scalability, gas fees, interoperability, transaction speed, to name but a few. As such, they have been regarded as favorites to replace the Ethereum network. However, most DeFi protocols have continued to be built on the Ethereum network despite all the challenges presented by the network. As of the 10th of February 2021, that narrative has officially changed. Binance Smart Chain (BSC) just flipped Ethereum on daily transactions! Ladies and gentlemen, I now present to you the real Ethereum killer – Binance Smart Chain (BSC).

23d93851cffb9d43152e56a66b4cd129966c41c9881ed7c2bbc03a5a9bc0a427.png

This information was confirmed by Binance CEO Changpeng "CZ" Zhao on his Twitter page. I took the time to verify CZ's claims by comparing the number of Ethereum transactions on Etherscan and the number of Binance Smart Chain Transaction on BscScan.

664b742c822a2ed6d3cc00f9567bde753b42e983eb0e71eac03a03f1452ebced.jpg

Although, in my humble opinion, Ethereum has been a self-killer. Its scalability problems and ridiculous gas fees are every trader’s nightmare. Therefore, this was bound to happen sooner or later.

As ETH hits new all-time highs, so does the cost of transacting on the network propel to historical proportions. Traders and investors have just gotten fed up of the high gas fees on the Ethereum network and they are quickly switching to better alternatives. It’s like the last straw on the camel’s back was the high gas fees. BSC is cheaper, faster, and highly interoperable.

e6a4283a287c91de1452308bc3b6655450caa50c370f0ba8756f3fb316e2b273.jpg

To put things into perspective, Pancake swap, a DeFi protocol built on BSC has surpassed Sushiswap in terms of the 24-hour trading volume. It now stands only second to Uniswap. Harvest Finance, a platform built on the Ethereum network just put out an advert on its Twitter page calling for developers to add Harvest to the Binance Smart Chain. Clearly, it is not only investors and traders who are fed up with high gas fees, even DeFi platforms want out. I anticipate that Harvest Finance is just one of many platforms that are exploring ways of circumventing the nightmare that is Ethereum gas fees.

77fe3fc760b18dce2924659f36b0397df77ca460745d6ebff16ad86c815357d0.png

Almost as a testament to the growing popularity of BSC, Pancake swap's native token $CAKE has been on a rampageous pump in the last few days, gaining 150% in price in the last week only. In the last 2 weeks, CAKE has gone up from about $1.5 to $6, which is a 300% upward adjustment.

Is this the part where we say Rest in Peace to Ethereum? I don't know. Only time will tell.

How do you rate this article?


27

4

Nams
Nams

Blogger. Cryptocurrency enthusiast. Economist. Researcher. Cryptocurrency is the future, and the future is now.


cryptohowto
cryptohowto

This a blog about tips and tricks to successfully find your way through the crypto world.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.