The Binance Smart Chain (BSC) has recently taken the crypto space by storm and is now booming with various activities. Users can swap tokens, enter decentralized money markets, and even get their hands on some cute NFTs. With so much going on, we explored the Binance Smart Chain ecosystem in our recent Virtual Meetup #12 on 20 May, 2021 @ 10PM EST.
CoinGecko’s Virtual Meetup is our live online community event where we explore different key topics in the crypto sphere and invite industry leaders to share their two satoshis.
In this meetup, we talked to Leo Cheng (Co-founder and Project Lead at C.R.E.A.M Finance), Nicholas Chan (Co-founder of Refinable), and Calvin Chu (Builder at Impossible Finance) about why projects choose the Binance Smart Chain, recent exploits, and more!
Why did your projects choose the Binance Smart Chain?
According to Leo, “It is an under-served market with huge potential and there are plenty of assets that aren’t covered on Ethereum.” He also added that C.R.E.A.M Finance wants to give people an opportunity to participate in DeFi. Meanwhile, Calvin pointed out that this is one of the easiest ways to track a large amount of liquidity for any type of protocol.
On the other hand, Nick shared that, “There were not a lot of NFT platforms popping up on BSC so this was more of a blue ocean strategy for us and it also gave us a once in a lifetime opportunity to go in and redefine the NFT experience on a different ecosystem.”
Why do you think most founders on BSC remain anonymous?
Nick pointed out that, “Some teams choose to go anonymous because they don’t want their reputation to precede what they’re doing. For example, there are many projects that are started by fresh graduates who are still very young developers.” By remaining anonymous, these teams are able to let their work speak for itself.
Calvin chimed in with the argument that it could also be because they work on crypto as a side project and due to the nature of their full-time job, some of them are unable to reveal their identities.
What are your thoughts on the recent Venus and PancakeBunny exploits?
Preferring to focus on the positive things, Calvin is hopeful that these incidents will help the market to mature as more and more people become aware of the risks. He added that, “We can’t assume that because the ecosystem is Binance branded that everything will be centralized and secure.”
Leo then highlighted three main points that are important to improving the BSC ecosystem which are bug bounties, insurance for DeFi, and transparency from all projects.
What do you think of the centralization aspect of BSC and what’s coming next?
Calvin is of the opinion that, “Because BSC is still relatively new, there are a lot of developers or teams that are not as well-versed with all the issues that pop up. As more and more people reach out to each other to improve the security and stability, I feel pretty confident as it is a sign that there is real usage.”
What is the state of NFTs in the BSC Ecosystem right now?
When it comes to NFTs, Nick is aware that, “There are certain collectors present on Ethereum and BSC still needs them to start engaging with NFTs.” While we are now seeing low effort content from people who want to make a quick buck, Nick believes that, “The industry will have to mature a little bit and actively run marketing campaigns to convince people and non-crypto users to try out NFTs.”
What’s the depth of the partnership between Refinable and Mr Beast?
According to Nick, “Mr Beast is an investor in our project and he’s invested through one of his subsidiary companies. We have a pretty solid relationship with him and we’re still figuring out what exactly we should do.”
Do you think BSC will overtake Ethereum at some point in the future?
In regards to this, Leo highlighted that it depends on how a person defines ‘overtaking Ethereum’ because, in terms of the number of transactions, BSC has already overtaken. He adds that, “If Ethereum continues on being expensive, then it becomes more of a constitutional layer while other chains further find their own specialization.”
Meanwhile, Nick thinks that, “It will be great to see where BSC can go, and in regards to token price, I think it will be on an upward trajectory but no one can tell when it will overtake ETH.”
Calvin then finishes it off by saying, “It’s clear that Ethereum has the biggest community and I don’t like to bet against developers.”
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Stephanie is a Public Relations Specialist at CoinGecko who is enthusiastic about food, animals, and learning more about the cryptoverse. Follow the author on Twitter @StephanieGoh7 Follow the author on Twitter @StephanieGoh7