Due to the recent rise in Ethereum gas prices, DeFi users have started to look into new directions in the network. Binance Smart Chain has been taken into consideration by a lot of users recently since it only charges a couple of cents for ordinary transactions, unlike Ethereum’s absurd $30 fee on every single transaction. Binance Smart chain is a year old and is already growing at an exceptionally rapid rate. The minimal transaction fee has proven to obviously be extremely attractive in the eyes of traders and investors.
According to statistics reports, Binance has had a gigantic increase in value, gaining 4 Million individual unique addresses in a month caused by the crazy yield farming hype on Ethereum that started in 2020.
CEO Zhao’s Point Of View
In an online interaction with Crypto Briefing, Zhao stated that they are looking to construct a cross-chain infrastructure in support “for more successful connections between dApps and transfer assets across the applications”.
Zhao added that Binance had helped the developer community in a lot of ways with its smart chain system, including the conduction of multiple hackathons to produce more talent and funding many DeFi startups. Observing the rate of successful project initiations by Binance, CEO Zhao is confident that the company is going in the correct direction.
The path of Decentralization
Binance has always been on the path to developing community-driven DEX promoting decentralization. CEO Zhang thinks that the massive adoption of DEXes will eventually devour and overtake centralized exchanges, but it will not be happening soon and might take a couple of decades. Leading projects such as PancakeSwap, which is the 3rd Largest DEX in terms of trading volume, has been in the eyes of Binance because of its rapidly increasing value reaching more than a staggering $3 Billion.
Even with all of this support for decentralized exchange, Binance is still under fire by critics for having a centralized blockchain that uses a generally centralized Proof of staked authority mechanism, which seems to be violating crypto ethics.
Providing an experience that challenges Ethereum with affordable gas is Binance’s strongest aspect as it promises to maintain it, potentially transforming into an Ethereum slayer.