Today, revenue pooling company Harvest Finance and multi-service platform Value DeFi – two original decentralized financing protocol from Ethereum (DeFi) that accounts for nearly $ 1 billion in total value locked in between them – announced planned expansions in Binance Smart Chain, the smart contract platform built by a giant. Binance exchange.
However, not everyone in the Ethereum community is ready to take BSC seriously.
Harvest, which is among the largest revenue aggregators and currently boasts more than 830 million in total value closed, said in a statement to Cointelegraph that the protocol is looking to hire two developers to bring Harvest to BSC.
“At Harvest Finance, we believe this is an opportunity to show that“ cross-chain ”cropping is not only possible, but will be one of the next major milestones of the cropping ecosystem, said Harvest Red Community Director.
Likewise, Value DeFi and TVL of $ 40 million said in a tweet that they were planning to move the governance vault that holds the revenue to BSC, confirming the team’s previous data on Discord:
The cat out of the bag in this. # BSC Here we come!
More details on an updated roadmap soon pic.twitter.com/CsTdWS6l5C
DeFi (value_defi) protocol February 11, 2021
The announcements come during BSC’s explosive growth period. Projects on Binance Smart Chain like PancakeSwap have been in disrepair lately, and even before the announced moves, the recent success has led some members of the Ethereum developer community to question which one is more valuable: a platform scalable enough so that all players can participate in action, Or a reliable degree of decentralization?
Testnet or the real ecosystem?
BSC, whose architecture is backed by 21 validator nodes managed by Binance or its subsidiaries, is recognized by some developers as an elaborate Ethereum test network, due to its inexpensive and centralized transactions:
Before you complain, BSC is hot because no one has invested much in Ethereum networks like #Gurly And make it profitable as a playground
– I’m just a dog boy (fubuloubu) February 10, 2021
to me ScoobyThe, almost anonymous co-founder of the upcoming AlchemixFi project, centralization means that BSC is destined to remain filled with copycats that were originally born on Ethereum.
They said, “My point of view on this is that although it might offer some improvements to the user experience through faster and cheaper transactions, it conflicts with the spirit of decentralization that has inspired countless developers to build on Ethereum.” “As a result, innovation will continue to focus on Ethereum.”
However, other merchants and developers are less concerned with authenticity and overall decentralization. In an interview with Cointelegraph, Reid said that although Ethereum is the “king of kings”, the maximum profits are what motivates Harvest.
“Harvest is seeing an increasing number of projects trying to alleviate the pain associated with rising gas costs on Ethereum,” Reed said. “[…] Harvest focuses on providing farmers with the best sources of yield. If this yield is in another series, and it can be used safely, then we will start the tractors. “
More access, more users
Developmental and ideological issues aside, BSC’s transaction costs are increasingly difficult to ignore for projects looking to provide value for their users. The recent rise in gas costs is a real barrier for retail investors, especially when it comes to more complex contract interactions. Value DeFi specifically mentioned these gas costs as a weakness in their BSC ad.
Members of Premia Republic, a full-time team building the Premia options protocol, said that unless a project is built with explicit decentralization in mind, BSC is simply a pathway for a much larger group of users who are able to use a smart contract product.
“[We] Don’t think building on a Bachelor of Science is a bad thing at all. Whether everyone agrees or not, retail and a large portion of the participating market is priced from some of the services provided in exchange for gas fees.
“Some may build / implement into BSC because they want to capitalize on the profits and economic activity that is happening, but at [our] Opinion, you simply open yourself up to an additional market. “