Recently, the new “Binance Smart Chain” blockchain starred, making the CEO of Binance mock Ethereum and its high fees.

The increasing use of DeFi, dApps, and Ethereum-based applications has increased the load and pressure on the network, impacting fee volumes and making them unsustainable.

Knowing that there are many upcoming projects that aim to compete and threaten Ethereum from its throne, including the new Binance Blockchain “BSC”.

Binance and Ethereum:

In a recent tweet, “CZ” attacked the CEO of Binance, Ethereum, referring to the point that has become a concern for many Ethereum users, which is the fees.

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CZ tweeted:

Ethereum is only for the rich, but they will be poor soon

ETH is a network for the rich now, but soon these guys will be poor. 😂

– CZ 🔶 Binance (cz_binance) February 27, 2021

He is somewhat right.

Over the course of 2021, the average transaction cost of Ethereum has risen as fast as the price of Ethereum, going from less than $5 on average last year to about $11 today.

Just 4 days ago, network fees reached an all-time high of about $42 on average, according to the data.ycharts“.

However, this is the price per transaction.

Traders operating on DeFi or “yield farming” platforms have to deal with the possibility of paying more than $100 for each trade they make on a daily basis.

CZ did not stop there, but added in a later tweet that he loves Ethereum but no longer uses it.

I love ETH, I just don’t use it anymore.

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– CZ 🔶 Binance (cz_binance) February 27, 2021

The Binance Blockchain is designed to enable extremely fast payments with minimal fees.

The old Binance blockchain would be a direct competitor to Bitcoin due to its narrow focus on sending and receiving money.

While the modern Binance Blockchain aims to directly compete with Ethereum, providing smart contracts more efficiently and cost-effectively than Ethereum.

Lots of competition for Ethereum:

Ethereum is the second largest digital currency after Bitcoin.

The Ethereum blockchain provides many advantages that the Bitcoin blockchain cannot perform, but Ethereum, and with the increase in building projects on it, has become unbearable and greatly affected, which is evident through the large fees.

What has become an exposed weakness for other stalking crypto projects is any weaknesses to work on more and stand out for users to expand and take a stake in smart contracts and decentralized applications.

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The Cardano project, Polkadot, Binance is one of the most important competitors to Ethereum at the moment.

Recently, Cardano ranked third among the cryptocurrencies with the largest market capitalization, leaving the digital currency BNB behind.

Ethereum has been working on updating its network for Ethereum 2.0 to make it more convenient for use by improving transaction speed and reducing fees.

It seems that Ethereum is now more restricted than ever before.

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