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- Ethereum has survived several attacks from its competitors including Binance who has been launching silent attacks on it.
- Binance developers claim that its no rival to Ethereum. However, the white paper suggests that it would be better in many matrices in comparison with it.
- The major issue with Ethereum DeFi is the establishment of a lot of the use cases around some form of speculation.
For many months now, Ethereum has survived several attacks from its competitors including Binance who has been launching silent attacks on it. Ethereum still remains the second-biggest blockchain network after Bitcoin.
White Paper Released By Binance
One of such reticent incursion on Ethereum by Binance was when the latter declared the release of a white paper detailing a new smart contract blockchain. Even though Binance developers claim that its no rival to Ethereum but the white paper suggests that it would be better in many matrices in comparison with it. The cryptocurrency exchange stated that the new smart contract blockchain would have a brand new consensus mechanism. It would also be able to perform fast trade execution with relative ease.
Moreover, an official stated that BSC was built to make sure that dapps could scale while there is a continuing operation on a high-performance layer. This could also provide an upper hand to Binance over Ethereum. This is because of the scalability limitations and the predicaments caused by the same. Currently, Binance DEX is ranked over 100 in CoinMarketCap but is still notably higher than the Ethereum player like dYdX.
Ethereum Vs. Binance
Ethereum’s active ecosystem has managed to attract users and developers which is a plus point in this constantly evolving environment. It has managed to keep numerous dapps and in-volumes that are trustworthy. The DeFi sector plays a very vital role in keeping the interest high.
Binance has maintained diplomatic relations with its contenders. Binance often faces criticism from the community over biasedness towards token listings and pairings. This is done so that it can efficiently make any crypto obsolete. However, one can always argue whether this is a misuse of power or not.
How Can Ethereum Overcome Its Shortcoming?
The major issue with Ethereum Defi is the establishment of a lot of the use cases around some form of speculation. This limits the appeal to a large extent and thus hampers growth. There is a solution to this problem as well. If Ethereum integrates its assets in the non-Defi dapps then it may not only help the ecosystem to grow but also help in attracting the masses better. Eventually, there would be a better spread of liquidity within the Ethereum ecosystem.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
