For the past few months, a trend is emerging where projects initially launched on Ethereum are shifting base. They are now migrating to Binance Smart Chain (BSC) which is witnessing steady growth.
To illustrate the point, let us look at these statistics. The number of ‘active addresses’ on BSC has reached a peak of 2,105,367 on 7th June 2021. The much older Ethereum chain holds a record of 799,580 on 9th May 2021. Thus, BSC has almost double the number of users than Ethereum.
You must be wondering why BSC has witnessed such an exponential development in so little time. Let us list the reasons for you.
Why Projects Are Migrating?
To put it simply, BSC offers scope for cheaper, faster, and more secure on-chain transactions. This needs some elucidation.
High Gas Fees
Ethereum is costlier than BSC because of its skyrocketing gas fees. The average transaction fee on Ethereum reached its highest of $68.72 in May 2021. On the contrary, transaction fees are as low as $0.03 on BSC. Quite naturally, for everyday trading, BSC seems a better option.
Greater Transaction Duration
Transaction time on Ethereum varies from 30 seconds to 16 minutes depending on the complexity. In addition to this, it takes extra time for payment confirmations. On the other hand, BSC transactions are recorded in just 3 seconds. Due to this phenomenal speed, most users prefer BSC.
Environmentally Damaging Consensus Mechanism
Ethereum has been using a Proof-of-Work consensus mechanism. Not only does it consume an enormous amount of energy but it also isn’t fully secure. They will move to Proof-of-Stake with Ethereum 2.0. But BSC functions on a Proof-of-Staked Authority (PoSA) where 21 validators produce blocks in turns. Validators have to stake a minimum of 10,000 BNB tokens to be eligible for election, making the network more secure.
BSC is not even a year old and it has already taken the market by storm. As per the latest figures, BSC has 810 DApps compared to the much older Ethereum’s 2800 DApps. There is no doubt that BSC will soon give a stiff challenge to Ethereum.
A List of Migrating BSC Projects
The following projects have realized that BSC is a better choice and migrated there:
CEEK provides a platform for celebrities and budding content creators to interact with their fans and monetize their content. They also have their own patented VR Headset to stream virtual events. Followers can buy tickets for these events with their CEEK tokens. The platform has its own NFT Marketplace as well for buying collectibles and exclusive memberships.
Experty uses blockchain technology to provide a platform for experts to monetize their knowledge and wisdom. This voice application lets a subject matter scholar share ideas in return for payment. These payments are immutably stored on-chain and depend on the length and depth of the conversation.
1inch is a special kind of platform that brings together multiple decentralized protocols in one frame. Through its Aggregation Protocol, user transactions become cheaper, faster and more secure. Additionally, the Liquidity Protocol prevents attacks and solves the liquidity crisis. Currently, 1inch has over 540K+ users across 3 networks with over $70 billion locked in total volume.
Nimbus is a platform that facilitates multiple ways of earning revenues for its users. You can participate in IPOs, lend cryptos or engage in trading. Nimbus is still in its infancy and yet it has already seen more than 50,000 users. The Nimbus DAO ensures that the protocol is safe and governance is truly decentralized.
BSC Airdrops Are Also On The Rise
As BSC is witnessing an influx of migrating projects, BSC Airdrops are also rising. Some of the BSC projects that are airdropping free tokens are as follows:
- CEEK: It is a Raffle where you stand a chance to win their patented VR Headset, 4D Headphones and 10,000 $CEEK tokens.
- 1inch: This Referral program is worth free 1inch tokens plus additional rewards for successful transactions. A lucky winner once got $20 million, so don’t miss the chance!
- Experty: They have been airdropping tokens for a long time with the latest one live now.
- Quantum Moon: They are airdropping 500,000,000,000 $QMM tokens which will be distributed among 5,000 participants.
- JoshuSun: This platform is giving away 5 million $SUN tokens in 3 separate rounds.
- BNBPuppies: You can get 8 NFT Puppies at the price of 4 Puppies.
- CryptoBlades: You can be one of those 7,900 players who get rewarded daily for playing games. Rewards worth $1,200,000 have already been paid.
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