Feels like a long, long time ago, but the Binance Smart Chain was launched on the 1st of September 2020. The BCS ecosystem allowed validators, token holders, developers to benefit from a rewarding blockchain that offers high performance and ample space for further innovations. The Binance Smart Chain came as a faster, cheaper and more efficient alternative, while the Ethereum Chain managed only to annoy users with the absurd gas fees.
The Binance Chain Community launched the Binance Smart Chain as a game-changer in the DeFi revolution, and to create alternative financial solutions powered by blockchain. With the digital asset ecosystem powered by Binance DEX, cheap transaction as low as 1 cent and a high performance with a network capable of producing a block every 3 seconds, the Binance Smart Chain started to make waves
To set BSC on Metamask, a custom network must be added. In the setting section, the network name will be "Smart Chain" and the new RPC URL is http//bsc-dataseed.binance.org with 0x38 Chain ID and BNB as Symbol. The block explorer URL is http://bscscan.com which can be used to track transactions and transfers. It took me less then 2 minutes to set it up!
As the BSC expanded, new projects joined in, such as Venus Protocol, Pancake Swap, Ditto Money, Beefy Finance, Thugs Finance, etc. I will focus only on Ditto Money and Pancake Swap, as this to are the ones I explored and I can share my findings and personal experience.
I started using Pancake Swap in December, with the Binance Coin (BNB) pool that farmed $CAKE. Since than I added almost all the Binance Launchpool tokens, and many more, in LPs or CAKE farms. After one month of using Pancake Swap, I staked HARD, CertiK (CTK), ALPHA, Trust Wallet Token (TWT), Reef Finance (REEF) and added CAKE-BNB LP for 40x $CAKE farming. December bounty was 45 CAKE, valued today at $60, and I earned $1.42 from LPs.
Ditto Money is like Ampleforth, but better. Can rebase up to six times a day for greater stability and because it runs on Binance Smart-Chain is much cheaper to stake, transfer or use in LPs. The website is also very fresh and user friendly! For the complete experience ... watch the PVM trial by combat and learn how Ditto Money is bossing on Binance Smart-Chain. The video was powered by Martin (aka MoreGainStrategies)
The multiple rebase prevents long periods of negative values and gives Ditto a stable store of value, unaffected by volatility. As it uses time-weighted average price (TWAP) feeds generated by on-chain AMMs, Ditto doesn't depend on external oracles.
Ditto was dreaming about gold, furs, bling-blings and $Hoes. He had some contacts on the black market, and knew a guy who knew a guy. Ditto just wants to live the Chad Life! Because flipping pancakes wasn't enough, Ditto stepped up the game and joined Thugs Finance.
With fresh options, just forget about ETH fees and join the Ditto Army on Binance Smart-Chain!
Now be a smart boy, be like Billy! I strongly believed that the fees will drop with ETH 2.0 but nothing happened. I know many bought ETH to become validators, and even IBC Group from Dubai staked $10 million to support the Ethereum 2.0, but I can't see the change.
For many Ethereum still feels like a winner but let's see how Binance Smart Chain, and it's ecosystem will look in September 2021.
Personally for me, ETH LPs are a nightmare. So many times I tried to add some $FARM on Harvest Finance and the gas fee was $1000.
I hate to say it ... but Ethereum sucks! (at least lately). I still hold 2 ETH in my portfolio, and I don't plan to sell it soon, but I really embraced the low fees on BSC. I can't imagine having all the experiments and trials by combat if the fee was $10 each time I had to stake or unstake.
Don't let Ethereum holding you back! You deserve crypto rewards, you deserve affordable fees! The maximum I ever paid on BSC was $1.90 while the story is totally different on ETH chain, where I paid up to $30 for a transaction. Just think about it!
BSC is almost instant, and until now I didn't had a stuck transaction. On "the other side", I had some transactions pending for half a day.
Every day, more "cypto dudes" are cheating on Ethereum, but they are afraid to be caught! Is in the human nature to chose something more attractive.
As we speak, a total of 930,000 addresses were created on the Binance Smart Chain. And the BSC community hopes BEP-20 standards will be integrated to more projects and platforms.
The number of transactions on Binance Smart-Chain reached a daily All-Time High, at 771,000 txs. Shall I remind everyone that the BSC was launched on the 1st of September and in just five months has achieved more than some chains in 5 years?
Resources:
Ditto Money ... Like Ampleforth but on Binance Smart Chain
Thugs Finance: Ditto Money in the (Trap)House!
PancakeSwap: One month since I flipped my first CAKE!
Ditto Money ... Like Ampleforth but on Binance Smart Chain
Residual Income:
Join the CakeDeFi revolution and get $30 worth of DeFiChain (DFI)
Check MAIAR, Elrond Gold (eGLD) new wallet, for $10 cashback
Get 100 TNC tokens (no strings attached) on Aladdin Exchange
Amazon author page: PV Mihalache
Quality Faucets: Free-Litecoin , FreeBitcoin & Stakecube
Tier 4 referral system: Horizen (ZEN) & ZCash from PipeFlare & GlobalHive
FreeCryptos Gang: DASH, TRX, ETH, ADA, BNB, LINK, NEO, BTC & LTC
I earn crypto for reading and writing on Publish0x and ReadCash, watching videos on Lbry.tv and surfing online on Brave Browser and Presearch. I use Swapzone for the lowest fee swaps
BSC is clearly now a good reason for cutting the fees, but it is a centralized blockchain. The ones who care about independence and use DAI as a stable coin will avoid it.