Photo by Executium on UnsplashAbout your author: CryptoQuestion is an independent platform providing free resources for cryptocurrency investors. From an on-demand Q&A service to online courses, from books to our weekly Moonshot Monday podcast. Visit us at www.cryptoquestion.techBinance Smart Chain (BSC) was launched in September 2020 and has grown at an eye-watering pace ever since. It is now the third-largest blockchain measured by transaction volume with over 60 million active users. To achieve this feat in under a year has to be some kind of record.It was launched to challenge Ethereum\u2019s dominance in the decentralized finance space, and its ambitions were helped by the exorbitant transaction fees and slow processing times on the Ethereum blockchain. That led to many project developers establishing copycat versions of successful Ethereum platforms on BSC. That included Pancakeswap, which imitated Uniswap, and Venus, which was a copy of Compound.BSC is, in fact, a copy of Ethereum with two significant differences, both of which are the main reasons for its success. It is 4 times faster, and its gas fees are a fraction of Ethereum\u2019s. Of course, Ethereum is hard at work to solve these problems, and by next year, all being well, these two key differentiators will be a thing of the past. But it is too late to reverse the migration to alternative blockchains. Ethereum left the barn door wide open for the maniacal CZ, the founder of Binance, to pounce and establish a credible competitor to Ethereum.However, this isn\u2019t a zero-sum game. When normality returns to Ethereum gas fees, BSC will have already established itself as a significant player. There will undoubtedly be other blockchains, including the likes of Polygon, Polkadot and Solana, etc., which also have their own unique selling points and loyal base of developers and fans, which will ensure that\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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