With Ethereum 2 looming just around the corner, transaction fees and gas costs are still high on Ethereum’s mainnet despite the recent bear markets of blockchain's stable coins - BTC and Ethereum. While on Binance Smart Chain, the TVL comes close to hitting an all-time high this month, with the total value locked in DeFi close to that on Ethereum.
Mati Greenspan, founder and CEO of Quantum Economics, tweeted earlier today that the BSC TVL is currently at $43 billion. Meanwhile, Ethereum sits at $65 billion.
Mati Greenspan, CEO QUANTIM ECONOMICS
In addition, reports indicate that a top BSC-based decentralized exchange (DEX) transacted more than four DEXs on Ethereum’s blockchain, including frontrunners Uniswap (UNI) and Sushiswap (SUSHI).
With these dramatic changes in just a couple of weeks, and with the transaction and gas fees soaring in Ethereum, adding Binance Smart Chain as an additional platform for our users is inevitable.
"BSC protocol integration will reduce transaction costs by up to 90+ percent vs Ethereum," Chad F., of RealtyDao said.
Decentralized finance (DeFi) for Digital Native Assets, which acts as the first transparent virtual real estate holding & development platform collateralized by premium digital native assets on the Ethereum blockchain, is shifting its base from Ethereum to relatively low-cost smart contract platform Binance Smart Chain (BSC).
“Migrating to BSC offers Contrib multiple advantages when compared to working on other platforms, including transaction fees that are over 90% lower than what is incurred on Ethereum,” the company said in an announcement today. “For example, while the Ethereum transaction to get a data point onchain might cost $60, that same transaction might only cost 22 cents via BSC.”
So, with the BSC migration, Contrib can grow strategically with it's flagship utility token, CTB, and add more Defi features to its growing stable of digital native assets.
Binance is just one of a series of blockchain platforms Contrib is contemplating on adding. This is to provide a more open blockchain architecture to a growing crypto contributing community.