Binance Smart Chain [BSC] has seen tremendous development. In terms of liquidity and decentralized applications [dApps], BSC is becoming a major player in the industry. Hence, it is safe to say that it has emerged as one of the most distinguished alternatives to not just the Ethereum network but also to EOS. The latter lost one of the biggest decentralized finance [DeFi] projects to the Binance ecosystem this week.
The DeFi platform in question is ‘Effect Network‘ which is headed for a switch in its development from the EOS network to the Binance Smart Chain. The developers cited concerns regarding the future and viability of the EOS blockchain as one of the most prominent reasons for relocation.
It is important to note that the founder and Chief Technology Officer of EOS’s parent firm Block.one, Daniel Larimer had left the company nearly a couple of months ago. Furthermore, the controversial departure led to many questions regarding his inability to bring about viable solutions to the many issues plaguig the EOS ecosystem.
Talking about the growing confidence in Binance Smart Chain instead, Effect Network’s CEO Chris Dawe reportedly stated,
“Look at what the Binance organization has accomplished in only the last three years. It is a testament of dedication, hard work but above all its laser-focused vision. The amount of products and services our clients and workforce can tap into with the Binance ecosystem are amazing and will help accelerate the growth of the Effect Network like never before.”
Binance Smart Chain’s Exponential Growth
Despite centralization debates, the BSC ecosystem has grown considerably over the past several months. Thanks to growing gas fees on the Ethereum blockchain that was currently hovering close to $18. BSC, on the other hand, was processing on average 2X volume of the Ethereum network, that too, at a fraction of its current transaction fee.
Therefore, several DeFi platforms have either left the Ethereum network or have expanded their footprint across BSC as well to enable its users to choose their preferred mode of network. Gauging at BSC’s unique address count, it can be noted that the network has seen significant growth as the figures continued to maintain a steady uptrend. It was found to be at 61.7 million on the 27th of March.