It’s amazing that over the four calls I had this morning, in three of them we chatted about BSC. There are a lot of heat around this topic rn and I’ll share my honest $0.02 (maybe not things that everyone would necessarily agree to):
1. Rn we are going through a phase where ETH is just so expensive to use, L2s are not ready yet, and the UI of some promising L1 alternatives are not great, high hurdle for users...
...BSC was there perfectly picking up this narrative and fitted itself in this vacant phase by tapping into two crowds: 1. Ppl who are less evangelical and just want to do cheap on chain tx; 2. Ppl who never used ETH and had their initial knowledge about defi via Binance
2. Some of these users may not have much sense about security or decentralization at the back of their mind. They just followed the instruction and set up their BSC network on Metamask...
...They enjoy being able to send their BEP20-BTC/ETH from Binance CEX without going through an actual wrapping process, and also being able to avoid the gas costs associated with the process
3. It is bullish for ETH longer term. I think it could be interesting to think that it helps educate a lot more people about the actual experience of DeFi, and allow them try different things out without costing a ton.
4. For projects that are harder to stand out competitively on Ethereum, it makes sense for them to tap into this ecosystem because Binance was working hard to build up the BSC community and offering a lot of support. At this alternative battle field they may have a better chance.
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