BlocksInform
A pair of Ethereum decentralized finance protocols — Yield Aggregator Harvest Finance and Value DeFi — are expanding to BINANCE Smart Chain, the smart contract platform built by cryptocurrency exchange giant Binance.
But not everyone in the Ethereum community is ready to take BSC seriously.
Harvest, which is among the largest yield aggregators and currently boasts over 830 million in total value locked, said in a statement to Cointelegraph that the protocol is looking to hire two developers to bring Harvest to BSC.
“At Harvest Finance we think this is an opportunity to show that "cross chain" yield farming is not only possible, it will be one of the next major milestones for the yield farming ecosystem,” said Harvest community moderator Red.
Likewise, Value DeFi and its $40 million in TVL said in a Tweet that they were planning to port their yield-bearing governance vault to BSC, confirming earlier team statements on Discord:
Cat is out of the bag on this one. #BSC here we come!
More details on an updated roadmap coming soon pic.twitter.com/CsTdWS6l5C
— Value DeFi Protocol (@value_defi) February 11, 2021
A.D. 11, 2021 Projects on Binance Smart Chain such as PancakeSwap have been on a tear as of late, and even before the announced moves the recent run of success has led some members of the Ethereum developer community to ask which is more valuable: a platform scalable enough that all players can feasibly participate, or a credible degree of decentralization?
PancakeSwap has been on fire as of late, and even before the announced moves, some of the Ethereum developer community wondered which is more valuable: a platform that's scalable enough for all players to participate efficiently, or a safe and reliable degree of decentralization?
BSC, whose architecture is supported by 21 validator nodes all run by Binance or its affiliates, has been characterized by some developers as an elaborate Ethereum testnet, given its cheap transactions and centralization:
Before you complain, BSC is hot rn because no one ever invested much in Ethereum testnets like #goerli and making them profitable as a playground
— I'm just a doggie boi (@fubuloubu) February 10, 2021
According to Scoopy, the semi-anon co-founder of the forthcoming AlchemixFi project, the centralization means that BSC is destined to remain populated with copycat projects originally born on Ethereum.
“My view on the matter is that while it may offer some improvements to user experience with faster and cheaper transactions, it is counter to the decentralized ethos that has inspired countless developers to build on Ethereum,” they said. “Innovation will continue to be centered in Ethereum as a result.”
The Ethereum platform will continue to be the source of innovation as a result. Others care less about originality and thorough decentralization, however.
Harvest CEO Red said that even though Ethereum is “the king of kings,” profit maximalism is what motivates Harvest. According to Red, a growing number of projects are attempting to alleviate the high gas costs associated with Ethereum. Harvest helps farmers by providing the best sources of yield.
More accessibility, more users
Aside from developmental and ideological scruples, BSC’s transaction costs are increasingly difficult to ignore for projects looking to provide value for their users. The recent spike is gas costs is a genuine barrier for retail investors, especially when it comes to more complex contract interactions. Retail investors are finding it increasingly difficult to deal with the recently spiked cost of gas especially when it comes to more complex contract interactions.
Members of the Premia Republic, an all-anon team building the Premia options protocol, said that unless a project is building with explicit decentralization in mind, BSC is simply a path to a larger pool of users capable of using a smart contract product.
A group of Premia Republic members, an all-anon team building the Premia options protocol, claims that BSC means little unless the project is explicitly decentralizing before it even begins. ”We don't think that building on BSCs is a bad thing in any way.
“Some may build/port to bsc because they would like to capitalize on the profits and economic activity happening, but in [our] opinion, you're simply opening yourself up to an additional market.”
