Binance Chain can return Ethereum Prize back to Double-Digits: Analyst
Crypto exchange Binance has launched its own blocking solution Binance Chain on April 18th. But the move can threaten to burn a hole in Ethereum's pocket.
Telegram based market analysis and trading log, Gem Club, said Thursday that New cryptocurrency projects had no benefit while choosing Ethereum blockchain over Binance Chain. The analyst noted that the new custom chain could replace Ethereum with regard to listing projects and issuing tokens.
"BNB will have a devastating effect on ETH and send it back to two digits," Gem Club wrote. "There is almost no benefit to choosing ETH over the Binance chain except for a little more decentralization. Projects moving to Binance Chain will receive a lot of attention, listings, [and] more."
$ BNB will have a debilitating effect on $ ETH and return it to double digits
There is virtually no benefit to choosing $ ETH over the Binance chain except for some more decentralization. Projects moving to Binance Chain will receive lots of attention, entries, + more …
̵[ads1]1; Gat ???? (@TheGemClub) April 18, 2019
The prediction came in the wake of BNB's impressive performance over the past year. The seventh largest cryptocurrency posted more than 80 percent returns for its investors during the previous 365 days. It became the only crypto asset that tested its historic high while other top coins remained far from achieving similar mettle. BNB's deflationary supply model further contributed to making it the most attractive investment before both local and long-term investors.
BNB is the only crypto that beats its highest time today.
Next in line is down 23 percent from ATH. Quite incredible https://t.co/WiAQqZIfP1
– Joseph Young (@iamjosephyoung) April 19, 2019
Starting this Friday, BNB's total investment return was a full 9,000 percent since its launch. [19659012] Migration Beginnings
Binance has announced that it would perform its maiden-prey on April 23. The event will ask BNB holders to replace their Ethereum-based ERC20 balances for a renewed native Binance Chain-based BEP2. The transfer would see that a large proportion of ERC20-enabled BNB holders move their base to BEP2-enabled wallets, including everyone from individuals to full-fledged projects. And those who want to remain back with the Ethereum blocker send their BNB balances to ERC2o standard wallets.
Decentralized social media platform Mithil is the first blockchain project to lure itself to Binance Chain. The startup previously issued its MITH symbols on the Ethereum blocker, but found better prospects in Binance Chain, which comes with a full decentralized exchange. The movement enabled Binance to add MITH / BNB and MITH / USDT pairs to the trading platform.
$ MITH becomes one of the first projects to migrate tokens on @Binance_DEX . Our community thank you for your support! https://t.co/zvG7tvtL2b
– CZ Binance (@cz_binance) April 18, 2019
MITH's addition to the Binance exchange helped raise the token by 25.75 percent in just 24 hours, something which indicated that investors believed the migration was a bullish ratio in the short term.
After Mithril, Atomic Wallet decided to switch from Ethereum from Binance Chain. And now rumors of ENJIN Coin are about to migrate to Binance Chain to do rounds on social media. Enjin CEO Maxim Blagov said earlier in a question me-something that their next significant feature had something to do with Binance Chain.
Conclusion
The fact that large projects leave Ethereum for Binance Chain could put the first to face preliminary losses. But at the same time, it is important to understand that Binance Chain does not provide a smart contract feature, which means that projects seeking the decentralized contract settlement technology would prefer to stay with Ethereum.
