Binance smart chain is noted as the ideal smart contract platform for projects that are targeting the African market according to the CEO of Xend Finance, Ugochukwu Aronu. He said this on monday the 22nd of February, 2021 on the program Inside Blockchain aired live on CryptoTvplus.
In the program titled “Binance Smart Chain – The Ideal Protocol for DeFi Projects”, the Xend Finance CEO said the Binance Smart Chain is the preferred chain for anyone who desires to target the African market because of the money problem due to low income and passive income as compared to individuals in other nation such as the UK, the USA, South Korea etc.
According to Aronu Ugochukwu, the binance smart chain is ideal because of the low fees and its fast block time. He revealed that the first version his DeFi product was built on the Ethereum Blockchain but the fees presents a challenge.
It’s no news fees on the Ethereum Blockchain has been on an increasing rise. And this is due to its design as a Proof of Work network. With fees reaching as high as over 100s of dollars, Ethereum doesn’t present itself as a platform that may support lots of decentralized applications processing micro transactions moving on unless the migration to proof of stake is successfully done quickly. However this is a contention between ETH and BSC loyalists.
On the popular decentralized exchange on Ethereum, Uniswap, transactions are very high compared to its counterpart on Binance Smart Chain.
With Ethereum Network seeing full migration to Proof of Stake that will see increasing network capacity, Binance Smart Chain seems to be taking the shine at the moment as it sees increasing activities.
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