Is Polygon network going to be an alternative to BSC network?

[Kemarit]

The demand for BSC network has increased due to increase in gas fee of Ethereum network. Most of the Altcoin projects are now using the BSC network. Even some Ethereum network's Altcoin project is switching to BSC / Polygon network.
But now it is seen that some Altcoin project is being launched in Polygon network. We know that gas fee of BSC network is very low and transaction speed is high. So for which benefit, all these projects are being launched on Polygon network instead of BSC?

Well i think nowadays we have so many L1-projects or L2-projects that are all offering smart contract functionality that we really have a big choice now, which network we want to use. Back in the day there only was Ethereum which offered smart contracts and that was a huge game changer for the whole crypto space because smart contracts were necessary for all the stuff that we are having today with NFT's, tokens and of course Defi with it's yield farms and so on.
Obviously ETH had huge problems during high traffic phases which made it almost unusable for small investors like me because a transaction often did cost more fee than the value of the transaction itself was.
Polygon and BSC are both having relatively low transaction fees so there is no big difference in that regard. It all comes down to which chain has the bigger adoption.

But still though, I think ETH still leads any other L1 smart contract and dapps, although their is BSC highly touted as a big risk and competition for ETH, so far it's ETH that's in the first place. The only reason that the projects did stay away from ETH network is the network fee, but since it moved to PoS, then perhaps this issues have been alleviated already.

But as a developer, it's good to have this kind of alternatives so that they can rightly choose which one fits their needs.

So it's a win win for them and for us crypto enthusiast.

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[zasad@]

Polygon has many problems and with many weaknesses. Their developer teams must do load of things to improve their blockchains before actually are able to compete with Ethereum or Binance Smart Chain.

Don't believe in their promise, let's see how they release products, upgrades to improve Polygon.

Polygon looks more decentralized than Binance Smart Chain. Polygon cannot compete with Ethereum because it is part of its ecosystem. The more success Polygon has, the more success Ethereum has. Binance Smart Chain is a fully centralized blockchain with 21 centralized validators.

[justdimin]

though, I think ETH still leads any other L1 smart contract and dapps, although their is BSC highly touted as a big risk and competition for ETH, so far it's ETH that's in the first place. The only reason that the projects did stay away from ETH network is the network fee, but since it moved to PoS, then perhaps this issues have been alleviated already.

But as a developer, it's good to have this kind of alternatives so that they can rightly choose which one fits their needs.

So it's a win win for them and for us crypto enthusiast.

I agree that those two are the only ones, ETH is the greatest layer one there could ever be, it's just too good to give up and it's definitely decentralized and now has staking and it also provides smart contract to many tokens at the same time. The chances of something passing ETH on all of those at the same time is slim to none.

BSC is doing very well, and maybe USDT will pass it but it's not going to be profitable, so BNB will keep on being third behind ETH, there is a chance Matic could be liked more than it is liked now, but not more than BNB nor would be used more than BSC at any moment soon. Something huge has to change for both of them to make that switch.

[Abiky]

Polygon looks more decentralized than Binance Smart Chain. Polygon cannot compete with Ethereum because it is part of its ecosystem. The more success Polygon has, the more success Ethereum has. Binance Smart Chain is a fully centralized blockchain with 21 centralized validators.

Even though Binance Smart Chain is centralized, it's still a better option than Solana. The latter is not only more centralized than both Polygon and BSC, but also flawed by design. Considering that BNB (the native token of BSC) has the backing of the world's biggest crypto exchange (Binance), you can rest assured it won't be going away anytime soon. It will keep growing until it becomes a "force to reckon with".

But if I had to choose between BSC and Polygon, I'd choose the latter due to its decentralized design. It's just as good as Ethereum with a few improvements for scalability. Fees are cheap, while transactions are blazing-fast. The recent hard fork will make Polygon even better in the long run. Who knows if both MATIC and BNB lasts for generations? Just my opinion

[zasad@]

Polygon looks more decentralized than Binance Smart Chain. Polygon cannot compete with Ethereum because it is part of its ecosystem. The more success Polygon has, the more success Ethereum has. Binance Smart Chain is a fully centralized blockchain with 21 centralized validators.

Even though Binance Smart Chain is centralized, it's still a better option than Solana. The latter is not only more centralized than both Polygon and BSC, but also flawed by design. Considering that BNB (the native token of BSC) has the backing of the world's biggest crypto exchange (Binance), you can rest assured it won't be going away anytime soon. It will keep growing until it becomes a "force to reckon with".

But if I had to choose between BSC and Polygon, I'd choose the latter due to its decentralized design. It's just as good as Ethereum with a few improvements for scalability. Fees are cheap, while transactions are blazing-fast. The recent hard fork will make Polygon even better in the long run. Who knows if both MATIC and BNB lasts for generations? Just my opinion

If the price of Polygon falls below 50 cents, I will buy this token. I am not interested in the BNB token, I do not trade on the Binance exchange and do not participate in their launchpads. Practice shows that any exchange will go bankrupt, so I see no reason to buy a BNB token.

[el kaka22]

Matic is basically closer to ETH instead. It won't be an alternative to BSC but it could be basically just a smaller version of ETH to help it out. Think about it this way, I have seen a game that uses Matic, in the sense that you would be buying and selling ETH there, and you would be buying game NFT's there, but it will be in ETH but at Matic network. This could also be bridged to ETH eventually if you grow big enough.

So it is like Dollars and cents, in the sense that if you want to spend less, there is no reason to spend high gas fee on ETH so you use Matic, but when it grows big enough, it becomes a lot more reasonable to use ETH, this will probably go on for a while.

[Abiky]

If the price of Polygon falls below 50 cents, I will buy this token. I am not interested in the BNB token, I do not trade on the Binance exchange and do not participate in their launchpads. Practice shows that any exchange will go bankrupt, so I see no reason to buy a BNB token.

It's very unlikely MATIC will dip all the way to $0.50, especially when mainstream adoption is increasing by the day. The only way such thing could happen is if Bitcoin continues to decline in price. If BTC goes below $15k, then MATIC could easily go to 50 cents. No matter how much MATIC is worth in the future, it will always be a better alternative than BNB because of its decentralized and censorship-resistant design.

The latter (BNB) could easily fail if Binance goes all the way down the drain. After all, it's an exchange token. You can see why FTT went all the way down to the ground because of the FTX collapse. It's likely a new fork will emerge that would help BNB rise from the ground. The crypto world is widely unpredictable, so anything could happen in the future. Just my opinion

[AmoreJaz]

Matic is basically closer to ETH instead. It won't be an alternative to BSC but it could be basically just a smaller version of ETH to help it out. Think about it this way, I have seen a game that uses Matic, in the sense that you would be buying and selling ETH there, and you would be buying game NFT's there, but it will be in ETH but at Matic network. This could also be bridged to ETH eventually if you grow big enough.

So it is like Dollars and cents, in the sense that if you want to spend less, there is no reason to spend high gas fee on ETH so you use Matic, but when it grows big enough, it becomes a lot more reasonable to use ETH, this will probably go on for a while.

i believe that's the use case of MATIC for quite a while. serving users who want to pay low fees. but looking at BSC and MATIC, i see them as just top alternative networks today. if you want to incur lower fees, check if the token or coin can be transferred via these networks. a lot of exchanges are now offering different networks. as a trader just take advantage of their existence.