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With the state by the CEO, do you think he is working harder to overtake etheruem or bitcoin
With the state by the CEO, do you think he is working harder to overtake etheruem or bitcoin
I don't think cz is trying to overtake either Bitcoin or Ethereum. He's just doing whatever it takes to stay relevant in the business. Binance isn't the first exchange to experience peak success but they're doing more to ensure that they remain on top of the food chain. That's what the hype about Binance smart chain in the recent months has been all about.
The pretty obvious reason in my opinion: Ethereum's fees have been quite high for a while, and Binance Smart Chain(BSC)'s fees are drastically lower. And yes, BSC is like magnitudes more centralized than Ethereum, but it comes to show how a lot of people don't care that much if a certain project is decentralization or not as long as they can make their bets on certain tokens.
Ethereum high gas prices has been a catalyst for the current BSC hype. Binance was smart to create a mirror chain with cheaper fees and faster transactions while using $BNB as the base currency. So it's not so surprising to see bnb at the price it is now considering everyone currently farming or swapping these tokens on pancakeswap, bakerswap or other defi protocols on bsc requires bnb to pay for fees.
It's worth noting that a large part of bnb tokens gets locked from time to time to either farm on binance launchpool or commit to binance launchpad projects not to mention Binance burns a decent amount of BNB tokens every quarter.