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TL;DR Breakdown
- bZx has extended its decentralized services to Binance Smart Chain.
- It also plans to debut a BEP20 token for the Binance ecosystem.
One of the leading decentralized finance (DeFi) projects, bZx, announced Wednesday that it has extended its services to the Binance Smart Chain (BSC).
It’s no longer surprising that many decentralized finance projects are expanding to support other blockchain networks besides Ethereum, which has been the root blockchain. Over the past weeks, Ethereum has been clogged. This is consequently causing slower and expensive transaction fees, more than the users can bear.
bZx Fulcrum and Torque now live on Binance Smart Chain
Per the announcement, bZx decentralized margin, lending, and borrowing products – Fulcrum and Torque – have been extended to the Binance Smart Chain. Hence, these decentralized services are now available for BSC users. Note that the Binance Smart Chain is a centralized blockchain network, offering faster and cheaper transaction fees.
The DeFi projects also plan to release the Binance chain equivalent to BZRX, dubbed BGOV, which will debut as a BEP20 token. bZx has become the latest Ethereum protocol branching out to BSC and other alternative blockchains. However, it will primarily remain an Ethereum-focused protocol, according to the announcement.
Ethereum projects are fleeing to BSC
Despite being a centralized blockchain, many Ethereum-based DeFi projects have been fleeing to the Binance Smart Chain, as Ethereum became very expensive to use. Early this month, the largest decentralized exchange, SushiSwap, also joined the Binance ecosystem and some other blockchain networks.
BSC, especially, is the preferred network for many projects that have migrated from Ethereum. This is evident as the transaction volume on BSC surpassed Ethereum in the wake of the network’s congestion. As at the 16th of March, the daily transaction count on BSC surpassed three million, while Ethereum settled about 1.3 million in the same day.
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Ibiam Wayas
Ibiam Wayas has covered the crypto news beat since 2019. He studied Computer Science at National Open University of Nigeria. His work has appeared on various crypto news platforms, including Coinfomania, Crypto News Australia, and AltcoinBuzz. Drawing on his background in Computer Science, he now focuses on crypto, robotics, and longevity news.
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