February 12, 2021: Get Smart? Traffic exits ETH for BSC 🚗⛽

Curve Market Recap

Here are today’s trends to watch from Curve Market Cap

Big movement in the $BUSD pool, up to $40MM over the past 24 hours, driving trading fees north of 13% APY.

Perhaps it’s no coincidence that DeFi action is starting to move off the clogged Ethereum network onto the Binance Smart Chain. Transaction volume exploded from $15MM in January to already over $24B so far in February.

DappRadar @DappRadar

#BinanceSmartChain has quickly become one of the strongest contenders to Ethereum’s blockchain! #BSC generated $15M in terms of transaction volumes in Jan. $24B in Feb and counting! @BinanceChain @cz_binance Learn more by reading BSC 2021 Overview ⬇️

dappradar.comBinance Smart Chain 2021 OverviewIn January 21′ BSC reached new heights

Much of this is due to the growth of PancakeSwap, the most popular DeFi app on Binance Smart Chain. It now boasts a total value locked of $1.5B.

PancakeSwap 🥞 #BSC @PancakeSwap

1.5 🥞

Given the total of $40B locked in DeFi, Pancake is becoming a reasonably sized player. Curve, for example, is north of $4B, just under 3x the size of Pancake now.

Other DeFi apps are even looking to open services on BSC. Curve hasn’t announced any plans to move off Ethereum, but that won’t always stop other projects from making announcements on Curve’s behalf.

Theoretically, as long as there is sufficient trading volume, there’s little reason dollarcoin stable pools have any need to run on Ethereum. The gas costs of Ethereum, at times peaking above 400 gwei over the past week, look awfully expensive relative to the pennies paid on Binance’s Smart Chain.

Binance Chain Community @BinanceChain

Ratio of #BSC daily Txs to #Ethereum Txs: 130% Gas cost #BinanceSmartChain $0.04 #Ethereum $5.53 The first stop to explore your #DApps world Source：bscscan.com/chart/tx

CZ 🔶 Binance @cz_binance

Today is an important day. #BSC (#BinanceSmartChain) flipped Ethereum on daily transactions. This validates the logic that low fees attracts more users & projects. We will continue to work with the #BSC community to promote low fees (even as #BNB rises) and #build more. 🙏🙏🙏

Of course, Binance Smart Chain has plenty of disadvantages. For one, nobody pretends the chain is remotely decentralized, making it a scary place to lock funds.

banteg @bantg

How do you make a multisig on BSC?

CryptoCat.eth @CryptoCatVC

@bantg By default. CZ is always a co-signer

We don’t expect Ethereum will lose its frontrunner status in the DeFi space anytime soon, but we do believe the marketplace will become more fragmented. Any moderately successful chain will inevitably have its own DeFi offerings, relieving some of the burden on the Ethereum chain and thereby restoring some degree of balance.

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