February 22, 2021: CZ Slays 🔪 Markets Bleed🩸

Ethereum Gas Woes push DeFi to BSC and other chains

Thanks for your patience as we corrected some data not displaying… mostly fixed! Here are today’s trends to watch from Curve Market Cap:

Another bloody day in crypto!

Well, sure, the markets are bleeding. But the real bloodbath was CZ’s savage remark:

CZ 🔶 Binance @cz_binance

#BNB started as a token on #ETH, but maybe #ETH will end up as a token on #BSC. Restricting comments due to the provocative joke. 😂

Udi Wertheimer @udiWertheimer

Yesterday, #BSC settled 5 million ETH #Ethereum💩 itself settled around 7 million ETH. This could be over very fast.

Behind every hilarious joke is a kernel of truth.

Kristian Kho @Kristian_Kho

@cz_binance Not really a joke sir. Permissionless nature of crypto allows market to find path of least friction.

Binance is cashing in on Ethereum’s gas price struggles. DeFi may have started on Ethereum, but its activity can flow to pretty much anywhere.

The market dump may exacerbate this problem. Gas prices are shooting back up as paper hands rush to sell.

At least, thanks to the 20% drop in ETH price, it’s at least a bit lower in dollar terms if not gwei.

Milana Valmont @milanavalmont

After paying all these gas fees, #Ethereum logo makes sense to me

The Ethereum world is hard at work on L2 solutions as we detailed this weekend, but it not be until summer that we see any traction.

Ryan Berckmans @RyanBerckmans

1/ EIP-1559 is huge for ethereum and coming soon EIP-1559 - likely launches in July - delivers important benefits to all ethereum users - would have burned ~$26M in ETH yesterday Here are some EIP-1559 resources 👇

crypto air gordo @GordoAir

ETH's primary solution to gas fees is ZK rollups; ie: Deversifi and Loopring. Both riddled with bugs & charge the user significant gas fees for a deposit ($100+ in my case) before they can even try the product out (fine for whales). Want Eth to succeed but this is not promising.

Curve is already looking at multi-chain solutions

Charlie - Curve.fi @charlie_eth

Depositing into a Curve pool was instant and cost around $0.000042, just the way it should be. Multi-chain Curve is on its way.

Andre Cronje @AndreCronjeTech

https://t.co/T6WrePm42q No option to transfer FTM yet, we are restricting usage to exiting FTM users for now Buy & mint cover Trade USDC, DAI, & fUSD Mint & trade synths https://t.co/7UPFv4W7cy Support for BSC, Heco, xDAI, Polygon, FSN, and Avax will follow https://t.co/AdgpCouF0P

A lot of people don’t even see it as real competition. $BNB token would need to 5x to pass Ethereum.

Tetranode @Tetranode

I welcome the rise of BSC. It reminds #Ethereum that not everything is collaboration and unicorns, we don't operate in a vacuum No matter how many TPS they throw at the problem, grassroot support and that brainshare following Vitalik is impossible to overcome

In fact, it may even be other chains like Polkadot that end up suffering in the long run.

defiprime @defiprime

Unpopular opinion but BSC traction is hurting #Polkadot 10x more than #Ethereum. BSC as the altchain is fast, cheap, and comes with liquidity and a bunch of retail users willing to play with dapps.

The DeFi world is changing, and we’re making big changes to keep on top of these new trends. More to come this week as we prep for the Great Chain Wars…

---

For more info, check our live market data at https://curvemarketcap.com/ or our subscribe to our daily newsletter at https://curve.substack.com/. Newsletter is an independent roundup of interesting trends in cryptocurrency, never financial advice.