ETH and BSC

[X-ray]

It is unlikely that this problem will be solved in a couple of months.  But even if that happens, I don't think BSC will face any problems.  Everyone will continue to use both networks, which is justified, there are pros and cons everywhere.

That might be true, both of blockchains will be co exist from one with another chain. People know that BSC is ethereum compliant and they can use both at the same time. Even when ethereum 2.0 will be fully implemented and this will not disrupt BSC. This time BNB is breaking more and more ATH. People know that they can also get various advantages from using BSC and it's almost the same like ethereum.
Ethereum scalability needs more than another quarter to be solved.

[sana54210]

both of blockchains will be co exist from one with another chain. People know that BSC is ethereum compliant and they can use both at the same time. Even when ethereum 2.0 will be fully implemented and this will not disrupt BSC. This time BNB is breaking more and more ATH. People know that they can also get various advantages from using BSC and it's almost the same like ethereum.
Ethereum scalability needs more than another quarter to be solved.

BNB breaking the ATH is a proof that BSC is working as intended. Right now there are more and more things implemented on the BSC because it is much better, it is cheaper and it is faster as well. Obviously the downside there is the centralized nature of it but I believe it is going to be like that for a short period of time, it could become decentralized eventually. I never fully understood why people didn't prefer tron chain, I didn't neither, for some reason there wasn't any proper projects there that would make me interested, but they had all the things that BSC had and on top of that they were decentralized as well.

The amount of money Binance puts into the projects helped those projects grow bigger. I believe pancakeswaps latest dev fund amount was getting closer to 700 million dollars, that is insane to think about and it is all theirs, that kind of power doesn't exist in any other chain.

[Kabul]

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?

If the fees are likely to decrease, people will surely run back to ethereum because it is a traditional coin with high level of decentralization while BNB is centralized. But in fact, ethereum dev team need to have a lot of remediation in order to bring the fee back to less than $5. Thats why people focusing on BNB at the moment. Their launchpad is a good start for any NFT project and if you are listed, it means that your projects are very awesome

[Dexion]

however, the current market momentum has been completely seized by the BSC. how not a new token from the BSC can be traded directly on the pancake exchange. which is an added value is the very cheap transaction costs. that is the complete victory of BSC at this time.
while ethereum, with uniswap exchanges and others, was still unable to reduce existing transaction costs.
it makes currently new projects more dominant in the BSC network. ethereum looks like it has to watch it first and can't participate in the current market momentum.

The main problem with ethereum is indeed the unreasonable transaction costs, this is the momentum that BSC takes to go up with its simple image and transaction fees that are still affordable compared to ETH, and once again you are right this time ETH might only be an audience if a problem for the cost of not finding a solution.

[matchi2011]

ethereum fees going down in the near future? I am not sure about that, indeed BSC is Ethereum's biggest competitor at this time and BSC has also produced many extraordinary projects and if ethereum's fees in the future go down maybe new projects will prefer ethereum over BSC

BSC builds and now establishing their chain, if in case ETH solved their issue with high fees it won't be a problem this competing
chain will rely with those developers who are going to use their system.

Just good to see that there's competitions and good options while developing new ideas, expect to see more in the near future.

[SistaFista]

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?

Or, what if BSC gas fee become very high like ETH gas fee in the future ? I think it will be also possible if BNB price and defi projects on BSC chain keep increasing. For now, at least the gas fee in BSC chain is lower than ETH, and the BNB price is still lower than ETH price too, so the gas fee is much cheaper on BSC network.

[TastyChillySauce00]

ethereum fees going down in the near future? I am not sure about that, indeed BSC is Ethereum's biggest competitor at this time and BSC has also produced many extraordinary projects and if ethereum's fees in the future go down maybe new projects will prefer ethereum over BSC

Most of the new projects that gonna emerge definitely gonna prefer decentralized smart contract platform over the centralized ones unless they don't care about the nature of the blockchain they choose itself and prefer partnership with all this popular exchange if any.
Peolpe switching over to BSC just because the fee and that problem exist only temporarily. Only matters of time they switch back, not to mention the rugpulls that keep happening in BSC. But the existence of those pegged coins in BSC also good on its own way.

[TelolettOm]

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?

What ethereum is currently facing is a problem regarding transaction fees and it is able to be resolved by BSC. We can see the growth of transactions that are happening every day on the Binance Smart Chain. In the last 6 months Binance has been successful in being able to develop and also develop a strong community. it all comes from the ethereum community. so it is not impossible that ethereum will become a competitor for Binance in the near future.

[inanilujimi]

I personally do not currently find any relevant source of information if the gas cost of etherium will decrease in the near future, if it happens automatically the cost of gas for bsc will also decrease as well. It cannot be denied that there are already many large projects running on BSC. of course we have more options to choose a quality project, because what I know is the quality of a project is not determined from where their blockchain is, but how the real use and how the dev can attract many investors.

[plexasm]

I personally do not currently find any relevant source of information if the gas cost of etherium will decrease in the near future, if it happens automatically the cost of gas for bsc will also decrease as well. It cannot be denied that there are already many large projects running on BSC. of course we have more options to choose a quality project, because what I know is the quality of a project is not determined from where their blockchain is, but how the real use and how the dev can attract many investors.

ETH gas cost reducing is depending on ETH 2.0 phase 2, which ETH Foundation says will be late 2022. anyone familiar with how ETH Foundation works knows this means 2024 would be optimistic for ETH2 Phase2. ETH gas fees won't be resolved anytime soon

BSC fees are practically free. users are basically being forced off of ETH

BSC is very bad news for ETH, and they better figure something out soon

[Lantind]

ETH gas cost reducing is depending on ETH 2.0 phase 2, which ETH Foundation says will be late 2022. anyone familiar with how ETH Foundation works knows this means 2024 would be optimistic for ETH2 Phase2. ETH gas fees won't be resolved anytime soon

BSC fees are practically free. users are basically being forced off of ETH

BSC is very bad news for ETH, and they better figure something out soon

That's right, now almost on average new projects or campaigns are already using the BSC network on new tokens so that everyone is forced to use BSC to be able to participate in projects or campaigns, this is obviously good for Binance, but it will be a disaster for Ethereum if they are silent took too long against this.

[Dexion]

That's right, now almost on average new projects or campaigns are already using the BSC network on new tokens so that everyone is forced to use BSC to be able to participate in projects or campaigns, this is obviously good for Binance, but it will be a disaster for Ethereum if they are silent took too long against this.

Ethereum seems too relaxed in dealing with this cost issue, even though there are many hopes that ethereum will soon wake up from its sleep and take the opportunity to show its quality, here binance is smart, they are taking advantage of the momentum over the cost complaints from eth that have not been resolved.

[SistaFista]

That's right, now almost on average new projects or campaigns are already using the BSC network on new tokens so that everyone is forced to use BSC to be able to participate in projects or campaigns, this is obviously good for Binance, but it will be a disaster for Ethereum if they are silent took too long against this.

Ethereum seems too relaxed in dealing with this cost issue, even though there are many hopes that ethereum will soon wake up from its sleep and take the opportunity to show its quality, here binance is smart, they are taking advantage of the momentum over the cost complaints from eth that have not been resolved.

It was a good decision to create binance smart chain, very smart move indeed.
Now many new projects created in bsc network and it opens more opportunities to small traders and investors who wants much lower transaction fee. I just hope that bsc gas fee won't be high in the future like current eth gas fee.

[Ucy]

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?

BSC is centralized network and running based on PoSA so they can process more number of transactions per second than ethereum.But once these shit projects moved to BSC then the ETH network fee will be lowered but there is no definite time period to say when this will happen.

But people calling BSC is an alternative for ethereum is a bit contradictory since both are different from decentralization even in the future ETH PoS is more decentralize than 21 stake validators of BSC.

I wonder how many validators will be "allowed" on Ethereum? The Ethereum PoS I read about makes it hard for all participants to fully participate as full validators... it is kind of limiting and breaks couple of Blockchain ideals. That's basically what certain PoS consensus do, they make it difficult for everyone to participate in full consensus... Not really good for decentralization.  And it can be quite risky to make staking on such PoS low for all participants. A better model that is very fair for all and safe for the network is needed , I will be abit shocked if binance provides this model.

[TheGreatPython]

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?

Well, there is no lie in what you have said, the reason why a lot of people are running from Ethereum is the fees, so right now the BSC will be taking the upper hands as a lot of people will be running to it as a better option, but if Ethereum fees should go down again a lot of them will start going for Ethereum.

And also we have been waiting for the Ethereum 2.0, I think that when that is released its going to help push Ethereum forward than the level it is at right now. Since we don’t know when the fees for Ethereum will go down, BSC will continue to be the option, and if it takes long, it might become the norm, which is definitely going to be bad for ETH.

[bison]

It was a good decision to create binance smart chain, very smart move indeed.
Now many new projects created in bsc network and it opens more opportunities to small traders and investors who wants much lower transaction fee. I just hope that bsc gas fee won't be high in the future like current eth gas fee.

I am sure that later ETH transaction fees will decrease. the adjustment by comparison with the cost of the BSC is very far away. That's what makes currently many new projects released on the BSC network.
But despite all that, Ethereum is still strong enough to trade in the market. It looks like the big traders are currently playing in the market because if the traders are small, they will already think about how they pay the Gas fee.

[Alert31]

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?

It depends on the user if what they are going to choose. Also, I don't think if Ethereum gas fee will have a chance to go down like before. A high gas fee of Ethereum is really annoying that's why we need BSC now.  If one day the gas fee of Ethereum will decrease to much, we will know if who wins between the rivalry of Ethereum and BSC.

[plexasm]

It was a good decision to create binance smart chain, very smart move indeed.
Now many new projects created in bsc network and it opens more opportunities to small traders and investors who wants much lower transaction fee. I just hope that bsc gas fee won't be high in the future like current eth gas fee.

I am sure that later ETH transaction fees will decrease. the adjustment by comparison with the cost of the BSC is very far away. That's what makes currently many new projects released on the BSC network.
But despite all that, Ethereum is still strong enough to trade in the market. It looks like the big traders are currently playing in the market because if the traders are small, they will already think about how they pay the Gas fee.

you're looking at 2024 at the earliest before ETH fees will decrease (Phase 2 ETH2 is when PoS is live)

it's more likely ETH fees will decrease because people stop using it than the ETH devs actually show some competence to reduce them

[capcaypro]

we don't know what will happen in the future.
Maybe ethereum will reduce their costs but I don't think this will happen in a few months. and maybe they will still charge the same fee as it is today, we don't know.
But for now, BNB can be a reference and will continue to rise because apart from the cheap fees, I also think BNB is very simple and can be reached by everyone.

[bitcoinst]

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?

That's a good question. In general, we can observe how Binance is now taking advantage of the situation and expanding its network with an advantage in low commissions.
I think everything will depend on how widely Binance can penetrate and spread in the crypto world. The wider the BSC network, the more likely it is that a decrease in commission on the Ether network will not entail a strong outflow of people and transactions from the network.