Could Binance Smart Chain be THE “Ethereum Killer?”

By EliteHodler | Yield Farming & De-Fi | 25 Feb 2021


TL;DR

The short answer is that it’s very possible that this could happen, but we may not see that for now. Cheap gas fees, extremely profitable yield farming, very scalable, compatible with Ethereum Code so devs can move their projects over to BSC, Very Fast Transactions, way more pegged tokens supported, BNB is very Bullish. You can use multiple wallets to interact with the platform: metamask, trust wallet and Binance chain wallet.

There are so many smart contract platforms that are claimed by their communities to “be the next Ethereum”, “The Ethereum Killer”, “One chain to rule them all” In my opinion the only one that comes close to fulfilling this is Binance Smart Chain

 

What Is Binance Smart Chain

Binance Smart chain was introduced just under 2 years ago and its main objective was to facilitate fast and decentralised trading. It was supposed to be scalable. With the average transaction fee being 10 Gwei (1 Gwei is 1 billionth of a Binance coin on Binance smart chain) Transactions are extremely cheap, yield farming is very profitable and you wont get destroyed on gas fees like on Ethereum. It has cross-chain compatibility alongside Binance Chain. Way more pegged tokens than on Ethereum. The Ethereum network uses Ethereum as its native token and Both Binance Chains use BNB as the native token. 

What could Change Everything

Here is the most important factor of whether or not Binance Smart Chain could kill Ethereum. Binance Smart Chain is ETHEREUM VIRTUAL MACHINE COMPATIBLE!! This makes it easy for developers to move their projects over from the Ethereum Network. Projects like Uniswap, Harvest Finance, SushiSwap, Yearn Finance, Balancer, and more could easily be ported over to Binance Smart Chain. No more expensive swaps.

Are There Any Cross Chain DeFi Platforms yet?

There is already one Cross Chain DeFi project which is Cream Finance. Comparable to Compound Finance, Cream Finance is a decentralised borrowing and lending platform. 

How can I use Binance Smart Chain?

If you would like to use Binance Smart Chain there are multiple wallets you can use with it:

Trust Wallet (Supports: Ethereum Network, Binance Chain, Binance Smart Chain, Tron Network, Vechain, Ethereum Classic, Waves, Kava, Solana, Tomo-Chain, WanChain, Thunder Token, GoChain, POA Network and Callisto).

IOS and Android.

Binance Chain Wallet (Supports: Ethereum Network, Binance Chain and Binance Smart Chain).

Firefox

Chrome / Brave

MetaMask (Already supports Ethereum Network but can support Binance Smart chain if you add the network).

How to add Smart Chain to MetaMask

Firefox

Microsoft Edge

Chrome / Brave

BSC Pegged Tokens

Binance Smart Chain has way more pegged tokens than on Ethereum (renDOGE, renBTC, wETH, wBTC, wZEC, etc.) Binance Smart Chain has a lot of Pegged Tokens such as:

  • Chainlink 
  • Ethereum
  • XRP
  • Bitcoin
  • Dogecoin
  • PaxGold
  • Cardano
  • Ontology
  • Polkadot
  • Band Protocol

And some more.

 

BNB's Huge Spike in Price

If you saw this month Binance Coin had a massive bull run hitting new all time highs of $70 until last week, it went into price discovery mode and the coin spiked to almost $400. We don’t know for sure that it was as a result of Binance Smart Chain but during this time a notable Decentralised Exchange on the Binance Smart Chain, Pancakeswap, topped Uniswap DEX in terms of 24 hour volume and percentage of market share by volume.

You can watch an interview from CoinDesk with CZ where he talks about DeFi and Binance Smart Chain. https://www.youtube.com/watch?v=HB7uDFPtBmQ

Thank you for reading :)

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