1inch Network expands to Binance Smart Chain

[Bttzed03]

We all know the low fees on BSC have attracted a lot of retail traders that's why they are trying to adapt and not lose more of their user base. I hope this brings more competition into the BSC ecosystem and benefits to all users.

Some reward they will be giving to their early BSC adopters:

A liquidity mining program for BSC users will be launched on February 26, 00:01 (UTC), featuring the BNB-1INCH pool. Over a four-week period, 0.01% of the 1INCH total supply will be distributed as rewards to liquidity providers.

[GreatArkansas]

Honestly, if the transaction fee is the problem here, there are a lot of alternatives with the Binance smart chain which is far better for me.
Solana for example is already proven with the recent first AMM under Solana, which is Raydium. I have tried Solana network, I have tried to do some transactions, the speed and transaction fees are absolutely superb.
But then again, 1INCH is a good DeFi project, they can expand on multiple ecosystems soon, not just the Binance smart chain, it's just a beginning for sure.

[cryptoaddictchie]

1inch is probably attracting users through the Binance smart chain network not only the reason of gas fee. Anyway knowing that they are backed up by Binance no doubt that they will somehow do this especially the Binance smart chain becoming trending now.

Other network also step up in the game when it comes to fee and surely more AMM will come out that solves the problem with gas fee.

[$crypto$]

BSC is now trending nowadays because there have been many successful projects using the binance chain and this is also supported so that other investors will be more interested in BSC compared to other chains that are cheaper as possible.
Not only costs but availability of investors and enthusiasts who outperform me. I know the Ethereum chain is also good, it's just the constraints with fees sometimes exceeding 10 $ especially if the swap at Uniswap is very burdensome for us.

But 1inch with a statement like this I am even very interesting to switch the chain to BSC and how later will this increase in liquidity?

[Bitcoin_Arena]

Honestly, if the transaction fee is the problem here, there are a lot of alternatives with the Binance smart chain which is far better for me.
Solana for example is already proven with the recent first AMM under Solana, which is Raydium. I have tried Solana network, I have tried to do some transactions, the speed and transaction fees are absolutely superb.
But then again, 1INCH is a good DeFi project, they can expand on multiple ecosystems soon, not just the Binance smart chain, it's just a beginning for sure.

I had never used Binance smart chain before, but I checked it out today. Yup, fees are still low, confirmations are very quick, but I think Binance smart chain is doing exactly the same mistake Ethereum did in the beginning, if I am not missing anything.

I performed transactions of fees of around $0.5, and it's just the beginning. I imagine if the network usage multiplied by x100 after a few years and price went to over $1,000 which BNB is very capable of. I don't think we shall be paying the little fee of $0.5 anymore for transactions, shall we?

[fortebettor]

Honestly, if the transaction fee is the problem here, there are a lot of alternatives with the Binance smart chain which is far better for me.
Solana for example is already proven with the recent first AMM under Solana, which is Raydium. I have tried Solana network, I have tried to do some transactions, the speed and transaction fees are absolutely superb.
But then again, 1INCH is a good DeFi project, they can expand on multiple ecosystems soon, not just the Binance smart chain, it's just a beginning for sure.

I performed transactions of fees of around $0.5, and it's just the beginning. I imagine if the network usage multiplied by x100 after a few years and price went to over $1,000 which BNB is very capable of. I don't think we shall be paying the little fee of $0.5 anymore for transactions, shall we?

I also  would like to know what binance's approach to this is and whether their solution adds anything from their side or not?
Either way it is the best possible option at the moment but for the future it seems to me that binance has much more facilities in all aspects than ethereum company

Ethereum won a long time ago because it was the first, but the project is poorly developed relative to its capabilities. Binance is advancing really fast and they are standing on their laurels. I think the CEO of ethereum and the rest earned really well and that is why they slept through the moment and the current bubble. They may pay dearly for this.

[slaman29]

I had never used Binance smart chain before, but I checked it out today. Yup, fees are still low, confirmations are very quick, but I think Binance smart chain is doing exactly the same mistake Ethereum did in the beginning, if I am not missing anything.

I performed transactions of fees of around $0.5, and it's just the beginning. I imagine if the network usage multiplied by x100 after a few years and price went to over $1,000 which BNB is very capable of. I don't think we shall be paying the little fee of $0.5 anymore for transactions, shall we?

That's what I think too. CZ also had the audacity to say ETH is for rich guys but he's ignoring the fact that he's starting out now and already BSC is crazy expensive FROM the start. If they grow to ETH capacity what will fees look like? Same as Ether now so what's the difference except BSC is highly centralized right?

[adamvp]

It is good new reliable actor appeared on binance chain network,
I know only Pancake Swap before, other projectes wasn't such trustworthy, now we will be able to compare rates between two big enitites and to chose most profitable ones


PS. I wish I can connect via Binance Chain Wallet

[Bitcoin_Arena]

PS. I wish I can connect via Binance Chain Wallet

Probably because they just introduced Binance smart chain.

But you can still use Metamask. All you have to do add the Binance smart chain network to your metamask wallet.
Open your wallet as usually go to Settings >> Networks >> Add network >> Then manually enter the following details and save.

Network Name: Smart Chain

New RPC URL: https://bsc-dataseed.binance.org/

ChainID: 56

Symbol: BNB

Block Explorer URL: https://bscscan.com

You can check here for more details: https://academy.binance.com/en/articles/connecting-metamask-to-binance-smart-chain

[Bttzed03]

~ but I think Binance smart chain is doing exactly the same mistake Ethereum did in the beginning, if I am not missing anything.

~
If they grow to ETH capacity what will fees look like? Same as Ether now so what's the difference except BSC is highly centralized right?

~
I also  would like to know what binance's approach to this is and whether their solution adds anything from their side or not?

I remember reading a tweet that the fees went down gradually from xx (can't remember exact numer) to the current 10 gwei. If BSC gets more volume and if the BNB price shoots to $1000 or more, I can see them reducing standard fees again.

Fun Fact: Binance Smart Chain is currently running on 21 nodes compared to Ethereum's thousands. So you could also say that it's a centralized solution to the problem.

[Bitcoin_Arena]

I remember reading a tweet that the fees went down gradually from xx (can't remember exact numer) to the current 10 gwei. If BSC gets more volume and if the BNB price shoots to $1000 or more, I can see them reducing standard fees again.

Fun Fact: Binance Smart Chain is currently running on 21 nodes compared to Ethereum's thousands. So you could also say that it's a centralized solution to the problem.

Right now 10 gwei doesn't seem to be too far away from 1 gwei for an emerging network (considering that ether went all the way from 1 gwei to 300+ gwei) , so what happens when we have another spike in number of transactions per second plus price?
Reduce the gas fee to 0.01 Gwei? 

I remember Vitalik Buterin confessing at one point around 2018 that he did not expect Ethereum network to grow that big and the circulating supply to surplus 100,000,000 mined Ether in a short period of time. I think Cz is set for the same surprise.

[Bttzed03]

~
Right now 10 gwei doesn't seem to be too far away from 1 gwei for an emerging network (considering that ether went all the way from 1 gwei to 300+ gwei) , so what happens when we have another spike in number of transactions per second plus price?
Reduce the gas fee to 0.01 Gwei? 

I remember Vitalik Buterin confessing at one point around 2018 that he did not expect Ethereum network to grow that big and the circulating supply to surplus 100,000,000 mined Ether in a short period of time. I think Cz is set for the same surprise.

I don't know what CZ is really thinking but I'm assuming they always plan to keep the fees under $0.10 He always says "be careful what you wish for" and I can see him actually doing that. They control the nodes anyway. There will be no bad actors unlike what's currently happening on ethereum.

FYI, there was a time when BSC daily transaction count exceeded that of Ethereum and the fees remained more or less the same. That tells us they can handle the traffic.

[joniboini]

That tells us they can handle the traffic.

Let's just hope they don't start controlling everything and deliberately force other AMMs to stuck and get higher fees compared to their own DEX. Scalability is really not a concern when the network is highly centralized, the question should be how much control they have over the network. Since they can easily fork new code if necessary, innovation is not that much of a problem too.