Binance Smart Chain is not the future! FTX Founder discusses BSC: Users care more about money than the chain, adoption rate surges, worth learning from

Sam Bankman-Fried: "If Binance Smart Chain becomes the future of blockchain technology, I would really be very sad."

FTX founder Sam Bankman-Fried (SBF) shared a series of opinions on Binance Smart Chain (BSC) and SushiSwap on Twitter. Apart from showing respect for BSC's adoption, there were more criticisms, expressing regret for the early days of SushiSwap, and also laying the groundwork for the development direction of the Serum ecosystem.

Reviewing the Rise of SushiSwap

"If Chef Nomi hadn't messed up initially, SUSHI might have reached $100 a long time ago," said Sam. "But if his team hadn't taken over, SUSHI might have been worthless."

Note: For liquidity absorption by SushiSwap and founder controversies, refer to this.

So, what about now? Sam believes that SushiSwap still has the potential for success because what most people admire is simply the pursuit of high returns. He pointed out:

A few people's faith in the product and public chain always outweighs other factors, but most people are not showing faith in using certain products. They are still searching and using the right products at the right time.

After SushiSwap went online for 6 months, BSC emerged.

The BSC Craze

Initially mocked by the community, BSC has attracted a huge number of crypto users on the platform, nearly 100 times more than other DeFi users combined.

Sam believes that BSC highlights an often overlooked eternal truth:

For most users, the product is more worthy of admiration than the public chain.

5) It was dismissed, and derided.

And then @cz_binance released one of crypto's largest userbases on it, 100 times as large as all of DeFi put together.

And showed what always true, but not made explicit:

that for most users, chains were no more sacred than products. pic.twitter.com/NQBZWwmWEP

— SBF (@SBF_FTX) March 8, 2021

BSC is Just an Ethereum Clone

In Sam's perception, many aspects of BSC's development were deliberate, including:

1. No innovation, basically a fork from Ethereum
2. Lack of numerous validators
3. No new wallets, only runs through MetaMask

Sam stated:

If Binance Smart Chain becomes the future of blockchain technology, I will really be sad. But I reiterate, I don't think this will happen. This is not a new product; it is not a product based on decentralization and scalability. It is just a product with low transaction costs that allows for quick migration.

Ultimately, It's Still Yield Farms

"Building many things on a blockchain with long-term prospects, extreme scalability, and decentralization is really great—governance, core financial tools, social media, and more," said Sam. However, the most important remains the yield farms.

Sam pointed out that regardless, if the yield is everything, then decentralization is not really necessary. Liquidity mining can be executed on any chain, and users on PancakeSwap are not there for governance.

Built by Binance, BSC is an ideal platform for liquidity mining and project migrations. With low transaction fees, easy migration, and millions of users, it is a win-win for projects and traders. Sam believes:

Others may easily resent BSC because it steals revenue from more decentralized public chains. But I'm not angry because what BSC is stealing is not governance; it's not the pillar of a decentralized future. It is taking the revenue, and this will make the entire DeFi space more competitive.

Learning from the Success of BSC

Sam stated that BSC has been a huge success for Binance and serves as a learning point for the DeFi ecosystem, attracting users and adoption rates, which Zhao Changpeng has done well in.

However, in his conclusion, Sam once again criticized that high yields and low costs alone are not sustainable for BSC. He pointed out:

For DeFi to win, it cannot just be decentralized, fast, cheap, complex, innovative, structurally sound, or have a large user base. It must encompass all these features.

Zhao Changpeng: My Dedication to Decentralization

In his final tweet, Sam left only a cryptic sentence: "something something Serum something something."

Zhao Changpeng responded to this here, stating that Sam's tweet was interesting, emphasizing his full support for decentralization. However, at the current stage, he is more concerned about user orientation and committed to creating products that users will use.

Previously, there have been complete reports on the Solana and Serum ecosystems, and the blockchain triangle of scalability, decentralization, and security remains difficult to break through. After Sam's lengthy discourse, can Serum truly become a DeFi project that gathers all the advantages, or will it just become the next BSC?