Ethereum vs. Binance Smart Chain: Who wins in a crypto DeFi battle?

Ethereum's laggard blockchain - which has attracted flak for being slow, unscalable in its current form, and encounters high fees during times of demand - has opened up the gates for competitors promising faster deployment, minimal fees, and an overall better blockchain for dApps.

Binance Smart Chain is one such blockchain alternative to Ethereum.

Lesiosmier, a veteran of the crypto markets and a former institutional equity trader, oversees operations and security across SwissBorg's wealth management ecosystem and related services, such as earning yield on stablecoins and other cryptocurrencies from within the app!

On the speed and scalability of Binance Smart Chain.

Lesiosmier started out by analyzing the unique smart contract users on Ethereum and BSC, finding out that while the former boasts a figure of over 40 million, the latter's 300,000 unique addresses was a sign of quick growth and activity.

"We know that the Ethereum blockchain already has $12 billion AUM, but we have 300 projects built on Ethereum, but already 30 projects built on the Binance Smart Chain."

Interestingly, BSC was first built on an Ethereum client, noted Lesiosmier, making it possible to easily shift assets and services from Ethereum to BSC and thus increasing its appeal among both users and developers.

"And I think that's very smart because we've seen blockchains such as Avalanche, Polkadot and there are many examples in this space, but one of the biggest challenges of all these new blockchains is that while the"engine" of the blockchain itself is better than Ethereum, they don't have the same community.

Lesiosmier noted the security of Ethereum made Binance's move worthwhile - especially as the former has seen zero smart contract failures while handling billions of dollars worth of assets.

In the end,, Lesiosmier suggested that while the Ethereum developers are pioneering newer products and leading in innovative tools for users, they must look to develop things on BSC, for the various reasons listed above instead of shunning the protocol entirely.