What do you prefer Ethereum or BNB?
This would be the first question I would ask you. Naturally your brain would pick Ethereum without thinking, just because of its price. But what if I ask you now the following:
What do you prefer Ethereum Network or Binance Smart Chain?
Now things are different. When you see the price of Gas in Ethereum you will freak out colleague. Overwhelming commissions leave you breathless for a few minutes. For small investors, not feasible. Gas eats all your profit. It is unacceptable that this is happening. We cry out for Ethereum 2.0 to come out now.
If you are looking to save on gas, you should choose BSC. Comparing the two blockchains and the number of transactions that move in each of them (data provided by bitquery), we see that more than 132 billion dollars moved in Ethereum. For its part, BSC has already registered more than 2 billion dollars since it came out in September 2020. Well, out of all this volume, over $ 207 million was from Gas alone on the Ethereum network and $ 456,000 on Binance Smart Chain.
It must be clarified that Ethereum takes longer and has a greater number of Trades. We can contemplate the amount of money that is lost in Gas. I have not included the trade commissions. When we go to a DEX to exchange our tokens for a stablecoin or a cryptocurrency, we have to pay the cost of the transaction and the cost of the trade. The cost of the trade increases the more amount of tokens we want to exchange.
The tokens with the most activity within the Ethereum network are WBTC and WETH. They are ERC-20 tokenized or synthetic versions of Bitcoin and Ethereum. They are generally used to save you transaction costs. Let's say that if I want to exchange my Ethereum for a token, I have to do it using WETH. The trade is cheaper. Of course, gas is always paid with Ethereum. In the case of BSC, the token with the most activity is the WBNB, it applies the same as the previous case.
Uniswap, naturally, is the DEX that collects most of all trades that are made daily. For now New DEXs like 1inch and Matcha are catching on. If this dynamic continues, taking into account the data provided by the statistics, BSC may leave the Ethereum Network second. Gas is becoming more and more expensive and this forces many users to switch to BSC or to leave the tokens frozen in a wallet because they cannot bear the expensive and abusive commissions that Ethereum has.
When Ethereum 2.0 is up and running, things will surely change, there will be more liquidity, more transactions, more users and more benefits. At the moment I am staying with BSC, I am fully involved in the projects associated with Binance such as Pancakeswap, Beefy, Thugs.finance and Trustwallet.