This is Binance Smart Chain’s time to shine, and the Binance CEO CZ knows it and is ready to take advantage of it.
The increasing use of DeFi protocols, dApps, and applications built on top of Ethereum, has overloaded the network to the point where its fees are almost unsustainable. Several blockchains are vying to emerge as the new Ethereum killer, and CZ is rooting for BSC as the best option.
CZ has been known to be a funny yet respectful guy when it comes to measuring his words. Still, his latest tweets have shown that the boundaries are more flexible when it comes to promoting Binance’s services.
Binance vs Ethereum
In a recent tweet, CZ attacked Ethereum, pointing out its Achilles heel: fees. For the man in front of Binance, only the wealthy can afford the fees to trade Ethereum:
ETH is a network for the rich guys now, but soon those guys will be poor. 😂
— CZ 🔶 Binance (@cz_binance) February 27, 2021
And he is somewhat right. Over the course of 2021, the average transaction cost on Ethereum has catapulted just as fast as the price of ETH (its native token), going from less than $5 on average last year to about $15 today. Just 4 days ago, the network fees reached an ATH of nearly $40 on average, according to ycharts data.
ETH Fees. Image: yChartsHowever, this is the price per transaction. Traders operating on DeFi or yield farming platforms have to deal with the possibility of paying $100+ for each trade they …
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