February 19, 2021: Binance Declares War on Ethereum ⚔️🤕

#BSC blocks #ETH withdrawals as the Great Chain Wars escalate

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Feb 19, 2021

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

Just a week after we chronicled the exodus of cryptocurrency to Binance Smart Chain to avoid gas fees, some people got a firsthand lesson in decentralization. For about forty minutes this morning Binance disabled withdrawals from BSC to ETH.

The twitterati lit up.

Curve Finance @CurveFinance

@binance Oh no. Now we're stuck with DeFi 😱

eric.eth @econoar

I’m honestly amazed this still needs to be said but if you are using a smart contract chain today with cheap fees it means one of (or both of) two things: 1. No one is using it 2. It’s more centralized somewhere (nodes, state storage, etc) Just insane people don’t realize this.

Some people interpreted this as Binance firing a shot across the bow.

Hasu @hasufl

This feels like a declaration of war from Binance to Ethereum

Binance @binance

#Binance has temporarily suspended withdrawals of $ETH and Ethereum-based tokens in order to address a congestion issue. Rest assured funds are #SAFU and we apologize for any inconvenience caused. Updates to follow.

Julien Bouteloup @bneiluj

Mafia is fighting back. Pretend to have a congested Ethereum to force people to migrate to BSC. You never cease to amaze me... CZ.

Binance @binance

Others don’t see BSC as a credible challenger, particularly in light of this event.

Larry Cermak @lawmaster

We all know BSC is not going to threaten Ethereum long term but it absolutely amuses me when Ethereum people start sounding just like Bitcoiners bitching about Ethereum. Just chill, take a breather and let the incentives play out 🤝

Spencer Noon @spencernoon

This is precisely why BSC is not a credible Ethereum competitor. Read the message below. A trusted third party can literally censor user activity if it wants to.

Binance @binance

Speculation about the cause of the announcement abounded.

Tetranode @Tetranode

Gas was relatively low hours before this announcement, what's the problem here?

Binance @binance

odin free 🏴🐬 @aarvantOFRE

Binance running out of $eth?! Low reserve ratios.

Binance @binance

Robinhood comparisons quickly emerged.

Ryan Sean Adams - rsa.eth 🏴 @RyanSAdams

CZ created another rigged casino and people are falling for it cause he’s calling it DeFi. GTFO. This isn’t the crypto revolution. This is RobinHood.

Binance @binance

Others drew parallels with AOL

DCinvestor | Aftab @iamDCinvestor

binance smart chain is actually the most AOL thing i've seen in crypto, BY FAR a sanitized, fake ethereum sandbox i expect any exchange which can deal with potential regulatory issues to set up their own chain soon™ all of them just reveal the value prop of the real #Ethereum

Ric Burton 🇬🇧 ‣ 🇺🇸 @ricburton

Binance reminds me of AOL: - Gung Ho CEO with a bold vision - Directionally correct about the future - Incredible distribution through scaling - Centralised approach to controlling users And, most importantly: - Zero understanding of what open source software development is

At any rate, competition between chains is real and intensifying. PancakeSwap is now the highest volume AMM.

Andrew Køng @Rewkang

.@PancakeSwap is now the highest volume AMM BSC Adoption has seriously exceeded expectations

Andrew Køng @Rewkang

At the current rate of growth, @PancakeSwap will likely become the highest volume AMM within the month It's Math Lower tx fees + faster tx times in CeDeFi allows for higher capital efficiency of AMMs built in these environments (1/2) https://t.co/lg3Yhjzruv https://t.co/o2dFcdMSQI

Sure, control over your money is great and all, but everybody has their price:

Ben Davidow @__DeFi__

As much as I like decentralization, the pancake flipping sound effect on pancake swap is pretty dope

Whatever may happen with the chain wars in the future, it is the case that BNB has stolen the bronze medal position from Tether, prompting reflection on what exactly this all means.

Joseph Young @iamjosephyoung

BNB is now the 3rd largest cryptocurrency in the world. Absolutely insane market. With that said, I can't say this does not make sense, in terms of usability and accessibility, Binance Smart Chain is a decent beginner / casual alternative to Ethereum for now.

🃏Fiskantes @Fiskantes

1/ Since $BNB is now TOP 3, maybe its good time to post my reflections Why Binance CeDeFi (oh god such a dumb term, cant believe I am using it) ecosystem exceeded my expectations and is it sustainable? Should I FOMO in now or just focus on other things?

🃏Fiskantes @Fiskantes

@NoahPierau However I sold after I tested BSC myself and experience was so bad I assessed it will be a nothing burger. I was wrong here, so need to figure out if and how exactly was my assessment incorrect.

If the chain wars do heat up, we can at least guarantee there will be memes.

stani.eth 👻 @StaniKulechov

BSC be like

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crv.mktcap.eth

February 19, 2021: Binance Declares War on Ethereum ⚔️🤕

#BSC blocks #ETH withdrawals as the Great Chain Wars escalate

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