The Binance Smart Chain (BSC) recently took the crypto space by storm and is now booming with various activities. Users can swap tokens, get into 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 most recent Virtual Meetup # 12 on May 20, 2021 at 10:00 p.m. EST.
CoinGecko’s Virtual Meetup is our live online community event where we explore various key topics in the cryptosphere and invite industry leaders to share their two satoshis.
In that meeting, we spoke to Leo Cheng (Co-Founder and Project Leader at CREAM Finance), Nicholas Chan (Co-Founder at Refinable), and Calvin Chu (Builder at Impossible Finance) about why projects recently chose Binance Smart Chain Exploits and more !
Why did your projects choose the Binance Smart Chain?
According to Leo, “it is an underserved market with great potential and there are many assets that are not covered on Ethereum.” He added that CREAM Finance wants to give people the opportunity to participate in DeFi. Meanwhile, Calvin pointed out that this is one of the easiest ways to keep track of a large amount of liquidity for any type of log.
On the flip side, Nick shared, “There weren’t many NFT platforms that popped up on BSC so this was more of a blue ocean strategy for us and it also gave us a unique opportunity to go in and redefine that NFT experience in a different ecosystem. “
Why do you think most founders stay anonymous at BSC?
Nick pointed out, “Some teams choose to remain anonymous because they don’t want their reputation to precede what they do. For example, there are many projects that are started by recent graduates who are still very young developers. ”By remaining anonymous, these teams can let their work speak for themselves.
Calvin intervened, arguing that it could also be because they are working on crypto as a side project and due to the nature of their full-time jobs, some of them are unable to reveal their identities.
What do you think of the recent Venus and PancakeBunny exploits?
Calvin prefers to focus on the positive things and hopes these incidents will help the market mature as more people become aware of the risks. He added, “We cannot assume that everything will be centralized and secure as Binance’s ecosystem is branded.”
Leo then highlighted three main points that are important for improving the BSC ecosystem, namely bug bounties, insurance for DeFi and transparency on all projects.
What do you think of the centralization aspect of BSC and what’s next?
Calvin is of the opinion: “Since BSC is still relatively new, there are many developers or teams who are not very familiar with all the problems that arise. As more and more people join hands to improve security and stability, I’m pretty confident as this is a sign that there is real use. ”
What is the current status of NFTs in the BSC ecosystem?
When it comes to NFTs, Nick is well aware, “There are certain collectors on Ethereum and BSC still needs them to get in touch with NFTs.” As we now see low-effort content from people who want to make money quickly , Nick believes that “the industry needs to mature a little and run active marketing campaigns to convince people and non-crypto users to try NFTs. ”
How deep is the partnership between Refinable and Mr Beast?
Nick says, “Mr. Beast is an investor in our project and has invested through one of its subsidiaries. We have a pretty solid relationship with him and are still wondering what exactly we should do. “
Do you think BSC will overtake Ethereum at some point in the future?
In this regard, Leo highlighted that it depends on how a person defines “overtaking Ethereum” as BSC has already overtaken in terms of the number of transactions. He adds, “If Ethereum continues to be expensive, it becomes more of a constitutional layer while other chains find their own specialization.”
Meanwhile, Nick thinks, “It will be great to see where BSC can go and in terms of token price, I think it will be on an uptrend but no one can say when it will overtake ETH.”
Calvin then ends it by saying, “It’s clear that Ethereum has the largest community and I don’t want to bet against developers.”
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Stephanie is a public relations specialist at CoinGecko who is passionate about food, animals and more about the cryptoversum. Follow the author on Twitter @ StephanieGoh7 Follow the author on Twitter @ StephanieGoh7