The Crypto exchange Binance launched its individual blockchain solution Binance Chain on April 18th. However, the move could cause Ethereum to burn a hole in his pocket.
The Gem Club, a telegram-based market analysis and trading protocol New cryptocurrency projects had no advantage in choosing the Ethereum Blockchain over Binance Chain. The analyst pointed out that the new custom chain could replace Ethereum when it comes to listing projects and issuing their tokens.
"BNB will have a devastating impact on ETH and send them back in double digits," wrote the Gem Club. "The choice of ETH towards the Binance chain has almost no advantage, except for a little more decentralization. Projects moving to Binance Chain will receive a lot of attention, lists [and] more. "
It has almost no merit to sign up for the Binance chain $ ETH to decide, apart from a little more decentralization. Projects that move to Binance Chain will receive a lot of attention, listings, + more …
̵1; Gat (@TheGemClub) April 18, 2019
The forecast came in the aftermath of BNB's impressive performance during the last year. The seventh-largest cryptocurrency has returned more than 80 percent to its investors over the past 365 days. It was the only crypto-asset that proved its historic high again, while other top coins were far from having a similar effect. BNB's deflationary bidding model has made it the most attractive investment for both short and long term investors.
BNB is the only crypto to reach its all-time high today.
The next line has fallen by 23 percent ATH. Incredible https://t.co/WiAQqZIfP1[19659002-JosephYoung(@iamjosephyoung) April 19, 2019
Since this Friday, BNB's total return since launch has been a whopping 9,000 percent. 19659012] Migration Begins
Binance has announced that it will launch its mainnet swap on April 23. The event would encourage BNB owners to exchange their Ethereum-based ERC20 scales for an upgraded, Binance Chain-based BEP2 bank. On migration, a large proportion of ERC20-backed BNB holders would shift their base to BEP2-enabled wallets, including everything from individuals to full fledged projects. Those who wish to stay back at the Ethereum Blockchain will send their BNB scales to ERC2o's standard wallets.
The decentralized social media platform Mithil is the first Blockchain project to move towards Binance Chain. The startup had previously issued MITH tokens for the Ethereum Blockchain, but found better prospects in the Binance chain, along with a full decentralized exchange. The move allowed Binance to add MITH / BNB and MITH / USDT pairs on its trading platform.
$ MITH will be one of the first projects to migrate tokens to @Binance_DEX . Our community would like to thank you for your support! https://t.co/zvG7tvtL2b[19659002-CZBinance(@cz_binance) April 18, 2019
With the addition of MITH to the Binance exchange rate, MITH saw a rise within 24 hours. This shows that investors believed that migration was a bullish step in the short term.
After Mithril, Atomic Wallet also decided to change Binere Chain's Ethereum. And now rumors that ENJIN Coin is thinking about migrating to Binance Chain are making a round in social media. Enjin CEO Maxim Blagov once said in an ask-me-something that his next significant aspect had something to do with Binance Chain.
The fact that large projects leave Ethereum for Binance Chain could prompt the former to risk intermediate losses. At the same time, however, it is important to understand that Binance Chain does not have a smart contract feature, which means that projects looking for decentralized contract handling technology would prefer to stay with Ethereum every day.