ETH and BSC

[poodle63]

One of the reasons why binance smart chain becomes this big right now is because ethereum gas fee is very high and this force some projects to switch to BSC but what do you think will happen once ethereum gas fee goes lower in near few months? Will BSC faced same fate as binance DEX? Or BSC will remain the better option over ethereum?

Gas costs on ethereum are currently starting to fall but habitually on ethereum gas costs will go up because those who sell tokens there order high gas to make transactions smooth, so it's not surprising that now many have sold coins on BSC because of the cheap gas costs and transactions also fast.

Now it's becoming even higher than before and it seems the Gas isn't currently starting to fall but instead it's starting to go up again.
Maybe it's because as you said many people want to make increase the smoothness and the only way is to increase the gas price higher than the standard that's already higher than before and I think the gas price will always stay like this and people who think the Gas price is too high will just move to BSC.

[1714592226]

1714592226

[llecrf]

One of the reasons why binance smart chain becomes this big right now is because ethereum gas fee is very high and this force some projects to switch to BSC but what do you think will happen once ethereum gas fee goes lower in near few months? Will BSC faced same fate as binance DEX? Or BSC will remain the better option over ethereum?

let's see how many projects use ethereum network https://ethereum.org/en/dapps/?category=collectibles

I don't mean to compare how many projects are running on these two networks, but you can see why gas costs are going up, and if one day there are many projects in the BSC network, will gas fee still be the same as they are today? I think the transaction fee will slowly increase

[koang]

To date, Eth is ranked 2nd Based on Market Capitalization (CMC and Coinecko)
So, in my opinion, Ethereum's popularity is still in good shape.
This proves that most crypto users still trust Eth and it is ridiculous to expect a low gas fee when the expected price of Ethereum is only grow

[otundebis]

The gas fee is high on ethereum network and binance is still cheap especially during peak of binance smart chain transactions!  Though,  ethereum is preferred by lots of dev in Cryptocurrency because of the decentralized nature and track record of ethereum chain.  Binance on the other hand have centralized node validators!

[Stewart66]

To date, Eth is ranked 2nd Based on Market Capitalization (CMC and Coinecko [+G])
So, in my opinion, Ethereum's popularity is still in good shape.
This proves that most crypto users still trust Eth and it is ridiculous to expect a low gas fee when the expected price of Ethereum is only grow

yes, but in reality not everyone is pointing at one point, especially regarding the issue of transaction fees on the expensive ethereum network. but it's only natural as long as ethereum can hold its current price or even hit its new ATH again. for BSC this is also a high potential project, if someone can't trade because transaction fees are expensive, then BSC can be an alternative for that.

[minime0105]

One of the reasons why binance smart chain becomes this big right now is because ethereum gas fee is very high and this force some projects to switch to BSC but what do you think will happen once ethereum gas fee goes lower in near few months? Will BSC faced same fate as binance DEX? Or BSC will remain the better option over ethereum?

Once optimistics and eip1559 are implemented, fee's will go down for sure.
Then, again majority of degens will flock back to the eth mainnet, and BSC will once again become a wasteland. Like matic is right now

It's August 23rd after the EIP-1559 implementation/London fork and Ethereum gas fees hasn't dropped one bit its still high asf, I'm really disappointed it didn't reduce the high gas fees, I was really looking forward to making some cheap transactions on ETH network again, but it seems that's not gonna happen anytime soon, if the EIP-1559 didn't reduce the gas fees as they said, how can trust that eth 2.0 will reduce it? Have lost my trust in them.

[koang]

To date, Eth is ranked 2nd Based on Market Capitalization (CMC and Coinecko [+G])
So, in my opinion, Ethereum's popularity is still in good shape.
This proves that most crypto users still trust Eth and it is ridiculous to expect a low gas fee when the expected price of Ethereum is only grow

yes, but in reality not everyone is pointing at one point, especially regarding the issue of transaction fees on the expensive ethereum network. but it's only natural as long as ethereum can hold its current price or even hit its new ATH again. for BSC this is also a high potential project, if someone can't trade because transaction fees are expensive, then BSC can be an alternative for that.

Agree, BSC is an alternative for someone who can't trade due to expensive transaction fees
but wouldn't be a better choice than Ethereum because Ethereum is the best smart contract platform

Btw. Thanks for the +G

[brooksby]

To date, Eth is ranked 2nd Based on Market Capitalization (CMC and Coinecko [+G])
So, in my opinion, Ethereum's popularity is still in good shape.
This proves that most crypto users still trust Eth and it is ridiculous to expect a low gas fee when the expected price of Ethereum is only grow

yes, but in reality not everyone is pointing at one point, especially regarding the issue of transaction fees on the expensive ethereum network. but it's only natural as long as ethereum can hold its current price or even hit its new ATH again. for BSC this is also a high potential project, if someone can't trade because transaction fees are expensive, then BSC can be an alternative for that.

Agree, BSC is an alternative for someone who can't trade due to expensive transaction fees
but wouldn't be a better choice than Ethereum because Ethereum is the best smart contract platform

Btw. Thanks for the +G

In which regard would you say Ethereum is the best smart contract platform? Can it do more things than BSC, i.e. are the smart contracts better or the range of potential functionalities of the contracts? I thought that in terms of smart contract technology Binance and Ethereum are quite similar. They differ in the degree of decentralization a lot, but what about the rest? If you know something feel free to explain.

[odukoyaewatomi27]

I like ethereum and I have been investing in ethereum for over 5 years now but with the recent rise of binance smart chain which is built on the ethereum blockchain chain and has the same security features but with better transaction speed and more adaptability with other type of projects like NFTs and Defi projects BSC offers more than ETH

[TastyChillySauce00]

I am agree with your opinion that Ethereum still the best platform, but i can not resist the BSC was doing well too, BSC perfected the system from Ethereum which sometimes the transaction fees are too high. I hope the latest update from Ethereum platform, can reduce the transaction fees that sometimes soar.

BSC can stay cheap even when it's really crowded but ETH fee can go up suddenly and even in the normal condition ETH fee is still many times more expensive than other coin like BSC and when ETH becoming really crowded the fee can become too high and seems abnormal. In my opinion in the future ETH can reduce the transaction fee but maybe it's will take a long time for that to be realized, ETH will have expensive fee maybe for months in the future.

[yazher]

The gas fee is high on ethereum network and binance is still cheap especially during peak of binance smart chain transactions!  Though,  ethereum is preferred by lots of dev in Cryptocurrency because of the decentralized nature and track record of ethereum chain.  Binance on the other hand have centralized node validators!

I am about to create a topic about Ethereum gas fees and slow transactions where you can't really send some payment right now without spending some $10 on the gas fees which is ridiculous. I hope no NFT games will choose this network to be their primary payment method. right now I'm still waiting for the confirmation to success and it's more than an hour already. I'm afraid that if it gonna failed, I ended up not getting that cheap NFT I saw on the market.

[budi12]

One of the reasons why binance smart chain becomes this big right now is because ethereum gas fee is very high and this force some projects to switch to BSC but what do you think will happen once ethereum gas fee goes lower in near few months? Will BSC faced same fate as binance DEX? Or BSC will remain the better option over ethereum?

currently ethereum and bsc have almost equal popularity, although their daily volume is different and more ethereum than bsc but eth and bsc have a smart chain that is used by many new projects nowadays so both will continue to dominate the marketcap in all markets. so even though ethereum transaction fees are higher than bsc but it doesn't have a big effect on ethereum users.

[Veter2000]

One of the reasons why binance smart chain becomes this big right now is because ethereum gas fee is very high and this force some projects to switch to BSC but what do you think will happen once ethereum gas fee goes lower in near few months? Will BSC faced same fate as binance DEX? Or BSC will remain the better option over ethereum?

currently ethereum and bsc have almost equal popularity, although their daily volume is different and more ethereum than bsc but eth and bsc have a smart chain that is used by many new projects nowadays so both will continue to dominate the marketcap in all markets. so even though ethereum transaction fees are higher than bsc but it doesn't have a big effect on ethereum users.

  High transaction prices also affect Ethereum users, they just have nowhere to go. ETH has an advantage, since for a long time it was practically the only platform with smart contracts and the vast majority of projects were created and developed on the Ethereum blockchain. But this situation is gradually changing and DeFi's boom on the Binance Smart Chain shows it perfectly.

[Lantind]

The gas fee is high on ethereum network and binance is still cheap especially during peak of binance smart chain transactions!  Though,  ethereum is preferred by lots of dev in Cryptocurrency because of the decentralized nature and track record of ethereum chain.  Binance on the other hand have centralized node validators!

You have to understand this in great detail, my friend, because with the price of Ethereum which is already very expensive and valuable as it is now, it is very reasonable for the transaction Gas fee to be so, because the amount of Gas that must be paid when transacting is still the same as the amount of Gas transactions in the past on Ethereum,
Although there is a difference in the dollar amount and that is very reasonable because Ethereum as the main coin is already very expensive, as well as Binance which is still very cheap at the moment, because if the price of Binance is balanced with Ethereum, the transaction fees will be much more expensive of Ethereum, you have to be aware of this and don't just look at the Gas side of the transaction through dollar amounts, but you also have to pay attention to what the main coin is worth.

[lamnsdon]

It is true that most of the new projects are bringing their projects to the BSC network due to the high ETH gas fees. But if the ETH gas fee goes down, BSC will go down a lot, the number of its customers will go down, there is no reason to think that the number of new projects coming to the BSC network will go down. In the current situation that Binance has created, they are moving forward with the goal of how they can hold back ETH in the near future. So I personally don’t think Ethereum’s gas fees will go down as the popularity of Binance will go down or the number of subscribers will go down. BSC has already been able to build a much stronger platform.

[bitcoinst]

Let's tell ourselves the truth, the high gas fee of ETH has become a major concern for months now. To make a deal is now something else. Imagine having to spend close to $40 to swap a coin that worth $79. This is just too much. I have been looking the very best way to solve this issue. Thanks to the emergence Binance Smart chain, it's been a good development that can make all developers migrate the Binance Smart Chain because of their low fee. This could be the change we all have been waiting for. Enough of this ETH high gas fee. They should consider people who are trying to make ends mean via crypto. If BNB is planning to give incentives for people to migrate to BNB, watch the latest development and the rest would become history.

What you say the little things. For ordinary users, yes, the Ethioium network has really become very expensive. However, for projects that circulate in a huge amount of money, current prices are not overwhelming.
But for new projects, yes. Current gas prices could indeed be a startup issue. However, it should be noted that the Ethereum ecosystem is highly developed and I do not think that it needs a lot of new projects.

[velosepur]

Thats it, for big fee price on erc20 is not problem but for users who send low amounts and coins last months fee is high. We need to wait for better and lower fees on erc20 but bsc is low fees and different story as we all can see.

[ogundowotoby01]

I understand that gas fees on the ethereum Blockchain is the reason why most people opt for BSC for the development of their cryptocurrency projects and a lot of users also see this as a more viable option. However the mass and worldwide global adoption of cryptocurrencies is more viable on the ETH blockchain because it is a more robust and adaptable POW blockchain. In the short time BSC looks to have a lot of potential, but i will still stick with ETH blockchain for now

[nikola22]

at some moment fees in Ethereum network will go down and BSC should offer something better than low comission. for now BSC became a good reason for Ethereum to improve.

[tyz]

One of the reasons why binance smart chain becomes this big right now is because ethereum gas fee is very high and this force some projects to switch to BSC but what do you think will happen once ethereum gas fee goes lower in near few months? Will BSC faced same fate as binance DEX? Or BSC will remain the better option over ethereum?

currently ethereum and bsc have almost equal popularity, although their daily volume is different and more ethereum than bsc but eth and bsc have a smart chain that is used by many new projects nowadays so both will continue to dominate the marketcap in all markets. so even though ethereum transaction fees are higher than bsc but it doesn't have a big effect on ethereum users.

  High transaction prices also affect Ethereum users, they just have nowhere to go. ETH has an advantage, since for a long time it was practically the only platform with smart contracts and the vast majority of projects were created and developed on the Ethereum blockchain. But this situation is gradually changing and DeFi's boom on the Binance Smart Chain shows it perfectly.

Another important reason why many companies rely on Ethereum is because it is large and decentralized. Such networks are difficult to attack. This is also the reason why many smaller platforms with potentially better smart contract functionalities than Ethereum are not preferred. Binance's smart chain is central. No serious company will run a production application there in the long run. Maybe for testing purposes, but not real apps for customers.