I think the presence of BSC is not to compete with Ethereum, but rather to collaborate with Ethereum. So that the Ethereum network will be lighter with the presence of BSC. The concept of BSC and Ethereum concept is almost the same. We can use Ethereum for BSC and BSC for Ethereum. This proves that BSC and Ethereum can collaborate well.
I guess you're right. After all, Binance Chain is based on Ethereum. Developers can easily migrate Solidity-based dApps from Ethereum right into Binance Chain if they want to. While BSC is much more scalable than ETH, its biggest downside is the centralized network design. Binance controls a large portion of the network's limited number of nodes, making Ethereum a more suitable option for those looking into decentralization and censorship-resistance. With how far Ethereum went since its inception, it looks very unlikely Binance Chain will replace Ethereum anytime soon. It's works more as a complement than anything else.
Nonetheless, I believe that Binance Chain is here to stay. Its blazing-fast speeds and low gas costs makes it a great alternative for people looking to participate in "De-Fi" without breaking the bank. I'd envision a future where both Ethereum and Binance Chain (BNB) will live alongside each other for many generations. Ethereum will be the smart contracts platform for the people, while Binance Chain will be the smart contracts platform for companies and businesses alike. It shouldn't be long enough before the aforementioned cryptocurrencies become a part of our daily lives. Just my thoughts
