Can Binance Smart Chain mining participate?

The hottest thing in the past two days is the smart chain of Binance. The smart chain of Binance is a so-called public chain specially built for DeFi developed by Binance itself.

This chain is different from the Binance Chain that Binance has developed. It is an independent chain that is compatible with various features of Ethereum in many aspects. It is also packaged and produced by 21 nodes in turn, so we can regard it as a replica of EOS. However, due to the strong ecology of Binance itself, the gameplay and ecology of the smart chain may even be richer than EOS to some extent.

I once said in a previous article: A large number of public chains will take advantage of this wave of DeFi boom to resurrect their corpses, and exchanges will also launch their own mining projects to grab traffic. Binance’s move is doing both of these things together.

Compared with the mining projects launched by many exchanges, the smart chain mining will have more room to play, because the smart chain can support the cross-chain of Ethereum tokens to the smart chain, and the transaction fee will be lower and the threshold will be higher. Low, so it is entirely possible that it will form some kind of interaction with Ethereum. It is foreseeable that many projects on Ethereum are very likely to be imitated again on the smart chain and attract a considerable number of new players.

For the projects and tokens that may appear on the smart chain in the future, I suggest that interested investors can participate moderately. The way of participation should be mining as much as possible, supplemented by buying project tokens, or even directly buying tokens . Because I still think there will be very few truly valuable tokens.

Among the three major exchanges, Binance is indeed a master in marketing and operations. It launched the DeFi ecosystem on the smart chain and is compatible with Ethereum to a certain extent. This is undoubtedly ahead of Binance and BNB. A major plus. Stimulated by this good news, BNB has also launched a wave of sharp gains. After sweeping away the previous decline, this momentum may last for a while.

In the future, the other two major exchanges will definitely launch their own DeFi ecology on the public chain to join the battle, and the competition among centralized exchanges will only really start now.

What impresses me deeply about Binance Smart Chain is its compatibility with some features of Ethereum, especially the so-called "cross-chain" that is compatible with Ethereum ERC-20 tokens, and its handling fee is lower. Under it, certain transactions in Ethereum can be completed in the smart chain. This in a way turns the smart chain into a second-layer extension of Ethereum.

From this, I think of Moonswap, another popular project in the past two days: its main purpose is to use the Conflux public chain as the second layer extension of Ethereum, hoping to solve the pain point of expensive transaction fees on Ethereum.

Both of these have become the second layer extension of Ethereum to some extent, but the difference is that Binance Smart Chain may be unintentional, while Moonswap is intentional.

In fact, this is enriching the ecology of Ethereum itself, achieving a feature that Ethereum has not vigorously promoted but is actually vigorously acquiring: cross-chain.

If we regard Binance Smart Chain and Moonswap as the second-layer extension of Ethereum, after they are compatible with Ethereum tokens and cross-chain, will the traffic of both parties ebb and flow? I think the flow of both parties will increase, because this will expand the entire Ethereum ecology, which is beneficial to both parties.

The ecology of Ethereum has now begun to have a spillover effect, and this spillover effect will make more and more public chains have to add compatibility with Ethereum in order to restore their popularity and traffic, and realize the "cross-chain" of Ethereum tokens. ".

Perhaps turning itself into a second-layer extension of Ethereum is the only way out for many public chains that are dying...