Godzilla vs King Kong is not the only highly anticipated fight between two titans this year. Two crypto giants, the king of decentralization, Ethereum (ETH), and a crypto that’s been turning heads, Binance Coin (BNB), are currently locked in combat. Will ETH remain at the top of the pyramid or can BNB convert a large portion of Ethereum holders?
Many have speculated that BNB’s price has the opportunity to surpass that of ETH, and solidify itself as a top crypto coin. This debate sparked after cryptocurrency exchange, Binance, unveiled its Binance Smart Chain (BSC). The BSC allowed for individuals to access DeFi and other “decentralized” dApps with much cheaper transaction fees.
Projects on the BSC sprang up like baby rabbits arriving in Spring. BSC users were impressed by the super low transaction costs of using this blockchain compared to the Ethereum blockchain.
Ethereum has been plagued by outrageously high gas fees that are needed to conduct even the simplest of transactions. Would you be overjoyed having to pay $100 just to send $50 worth of ETH to a friend? No? Well, then that’s the pain many ETH users have been feeling.
BNB swooped in and began eating ETH’s lunch. It stored to an ATH of $612 as of April 12, 2021. Several holders and users of BNB have explained that they’ve been able to do activities that would normally cost them a fortune in ETH. Buying crappy tokens through PancakeSwap or grabbing some NFTs are just a few activities that are better enjoyed on the BSC.
While BNB enjoys its time in the limelight, don’t count ETH down just yet. The team has been working to “rescale” ETH in an attempt to lower its skyrocketing gas fees. A major cause of these insanely high fees is due to the Ethereum blockchain becoming too saturated. Miners need to receive compensation on a PoW blockchain and mining an ETH block today takes a lot of processing power. This plan will work to restructure ETH in a way that reduces the sky-high transactional fees and increase activity for dApps on this blockchain.
Some miners have not been fond of this plan considering it will reduce their payouts. Talks of a hard fork of the ETH blockchain have circulated but are not confirmed to be planned.
While ETH has had a legendary story and loyal following, is it time for it to give up the throne? Multiple barriers do stand in their way but the possibility of it pulling off a comeback is possible. The Berlin upgrade is slated to release soon, predicted by tomorrow even, and the token price has continued to rally even breaking another ATH.
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