Binance smart chain is presently enjoying the best time in the crypto sector as it is growing increasingly confident to outclass Ethereum. The CEO of Binance, Changpeng Zhao, is in the know about this and is doing all he can to take advantage of this. With so many protocols, dApps, and other things built on the Ethereum blockchain, it adds increased pressure on the blockchain as of late.
At this point, the pressure is too much to the point that the gas fees for making transactions on the Ethereum blockchain have gone to the moon. Even though several blockchains have tried to replace Ethereum in the past, none has achieved that feat, but CZ is making a case of his Binance smart chain as the game-changer in this troubling time for the market.
CZ says Ethereum fees would make the rich traders poor again
In the latest tweet from the chief of the crypto exchange company on Twitter, he talked about Ethereum and mentioned nemesis, which is the fees. According to Changpeng Zhao, only rich people are financially capable of trading around or carry out transactions on the Ethereum blockchain.
In his tweet, Changpeng Zhao pointed out that even though only the rich ones can afford Ethereum now, the blockchain would make them poor again in the coming months. A look at the price of Ethereum since the start of the year buttresses his points. Since the beginning of the year, Ethereum has seen its transaction fees surge just as much as the price of the digital asset.
Towards the end of last year, Ethereum’s transaction fee was around $5 on average, but it has skyrocketed now to place at a region around $15. Some days ago, a review by ycharts showed that the price for transactions of the digital asset went to as high as $40 some days ago.
DeFi users pay more than $100 per transaction on Ethereum
This price is just for a transaction on the blockchain as traders in the decentralized finance sector located on the Ethereum blockchain pay at least $100 to carry out their transactions. Zhao didn’t stop showing his disappointments as the CEO pointed out that he will no longer be carrying out any transaction on the Ethereum blockchain again.
Asides from that, Binance is in the works to roll out two distinct projects that would give the two most prominent blockchains a run for their money. For instance, the Binance Chain, which was developed to send payments at low fees and faster times, would directly rival Bitcoin for space. Binance smart chain is also rivaling Ethereum because it allows contracts to be executed easily and at a low cost compared to the Ethereum blockchain.
The recent rise in blockchains such as the Binance smart chain, Cardano blockchains, and the Polkadot blockchain, amongst others, has shown that people are increasingly venturing into the DeFi market. It also shows that more rivals for Ethereum are springing up as Cardano has lept into their place in the list of digital assets according to market cap.