The launch of the Binance Smart chain platform has been one of the most disruptive launches to have hit this year. It presents a huge set of apparent benefits like cheap transaction fees going as low as 1 cent, high performance with a network that is capable of producing a block every 3 seconds, A reliable and supportive Binance ecosystem that will fund and bootstrap many DeFi projects. Keeping in mind the growing set of benefits, Binance CEO Changpeng Zhao, welcomed many more Ethereum-based DeFi projects to join the Binance Smart Chain platform.
In a tweet discussion with users, Zhao it is important for the DeFi projects to migrate to the Binance Smart Chain. This would reduce the load and burden on the Ethereum network, which will automatically reduce the Ethereum gas fees.
He also elaborated that the Binance Smart Chain does not intend to replace or compete with the Ethereum network. In fact, it is compatible with it. Zhao also added that Binance Smart Chain will provide the same contract creators with many more variabilities:
“BSC never aimed to replace ETH, BSC is just ETH-compatible. Smart projects are giving their users more options. Option for cheaper fees.”
He went on to further add to his conclusion that Binance Smart Chain transaction volume had managed to reach 10% of the Ethereum network a few days ago. The launch of Binance Smart Chain was a much-expected event that took place on September 1’st. Along with it, the CEO also launched a $100 million investment fund which will cater to projects that will be built on the Smart Chain. The amount was declared only a few days ago.
In a separate tweet, the CEO talks about Binance’s stand to add the latest projects despite it receiving a lot of fire for listing SushiSwap.
Binance Smart Chain will also host the latest DeFi project BurgerSwap. It is one of the latest projects that has registered the largest number of transactions in the last 24 hours. Zhao in a bid to support and promote the community made it clear that in the past he had refrained from commenting on any particular project or coin, but moving forward he intends to tweet more and more about the projects on Binance Smart Chain. It will not be endorsements but a way to promote good projects in the community and make it known to people. He believes that people should invest money only if they can’t risk losing it as the projects would bring gains but not without risks. It can’t get wiser than this, especially coming from the horse’s mouth.
“Some may offer short term gains, but they come with super high risks too. Don’t invest money that you can’t lose.”
Zhao later stressed that Binance Smart Chain is not a replacement or competitor to the Ethereum network and that it is compatible with it. Zhao added that Binance Smart Chain provides the smart contract creators with more options: