Godex Shout Out You Tube Channel Stated:  Binance Smart Chain is essentially a clone of Ethereum, but much more centralized. And, how they do that is that you got to get approved from Binance in order to become a validator for the network. However, in Ethereum anyone from anywhere can participate in running the network.

Because of this, Binance can handle twice as many transactions per second and it is way cheaper.  In concrete terms, in Binance there have been 30 cents transactions for gas fees, where on Ethereum it has been 30 dollars or more.  Transactions are 100 times less than Ethereum in the Binance Smart Chain.

Instead of building their own brand new blockchain, Binance is really smart to clone an Ethereum.  This turned on to be a super savvy move. It made it easy for different Ethereum projects to migrate over to BSC.

Users were also able to use common wallets like MetaMask for the Binance Smart Chain network without having to switch to a new wallet and learn a new one from scratch. Instead of ERC-20 tokens in Ethereum you have BEP-20 tokens in BSC network, and also their blockchain explorer looks like a carbon copy of Ethereum’s Ether Scan.

Many of the early projects on BSC has had huge traction, the crown jewel of them all could be pancakeswap and it has been indexed pretty similar to Uniswap. It has reached a substantial amount of users with more than 1 billion dollars in daily trading volume.

Another project, that users can keep their eye on is the AutoFarm which is a Defi project, which automates yield farming strategies for users.  They have grown to over 8,000 users in the past with more than 23 billion dollars in daily volume.  It is becoming increasingly harder to keep track of the many new things that are happening in the BSC. It looks like new ones are coming up on daily basis.

Something that is very notable is the Crypto Punks.  They are really very popular NFTs – a crypto collectible project on Ethereum. Someone imported that project to Binance and called it the Binance punks. And, that has been really taking off as well.

Things also have a really strong incentive to move over to BSC because CZ of Binance will help them get exposure on Twitter. And, also if Binance is listing them, they can get a huge pump in price appreciation just by the nature of being listed on there.  A super important point to note here is that all these apps running on BSC required Binance coin or BNB in order to operate or run on there.

BNB has now yet another source for demand, rather than just a discount on training fees on spot exchange. All these builders are rushing to BSC.