Crypto exchange has its custom solution Chain on April 18. But the move might threaten to burn a hole in ’s pocket.
Telegram-based market analysis and log, the Gem Club, said Thursday that new projects had no benefit while choosing the over Chain. The analyst noted the new custom chain could replace when it comes to listing projects and issuing their .
“BNB is going to have a devastating effect on ETH and send it back to double digits,” wrote the Gem Club. “There is almost no benefit of choosing ETH over chain aside from a bit more decentralization. Projects moving to Chain will receive a ton of attention, listings, [and] more.”
is going to have a devastating effect on and send it back to double digits
There is almost no benefit of choosing over chain aside from a bit more decentralization. Projects moving to Chain will receive a ton of attention, listings, + more…
— Gat 💎🚀💎🚀 (@TheGemClub)
The prediction came in the wake of BNB’s impressive performance over the last year. The seventh-largest for its investors over the previous 365 days. It became the only crypto-asset that retested its historical high while other top coins remained far from achieving similar mettle. BNB’s deflationary supply model further helped it become the most attractive investment before both near- and long-term investors.
BNB is the only crypto to hit its all time high today.
The next in line are down 23 percent from ATH. Quite incredible
— Joseph Young (@iamjosephyoung)
As of this Friday, BNB’s total return on investment was a whopping 9,000 percent since launch.
The Migration Begins
has announced that it would execute its mainnet swap on April 23. The event would prompt BNB holders to exchange their -based ERC20 balances for a revamped, native Chain-based BEP2 ones. The migration would see a large section of ERC20-enabled BNB holders move their base to BEP2-enabled wallets, including everybody from individuals to full-fledged projects. And those that want to remain back with the will send their BNB balances to ERC2o standard wallets.
Decentralized social media platform Mithil is the first project to have lured itself towards Chain. The startup earlier issued its MITH on the but found better prospects in Chain, which comes with a full-fledged decentralized exchange. The move enabled to add MITH/BNB and MITH/USDT pairs on its platform.
will be one of the first projects to migrate onto . Our community thank you for your support!
— CZ (@cz_binance)
MITH’s addition to the exchange helped the surge 25.75 percent in just 24 hours, indicating that investors believed the migration was a bullish move in the short-term.
Following Mithril, Atomic Wallet too decided to switch from from Chain. And now, rumors of ENJIN Coin thinking about migrating to Chain are making rounds on the social media. Enjin CEO Maxim Blagov said earlier in an ask-me-anything that their next significant feature had something to do with Chain.
Conclusion
The fact that big projects are leaving for Chain could put prompt the former to face interim losses. But, at the same time, it is essential to understand that Chain does not come with a smart contract feature, which means projects seeking the decentralized contract settlement technology would any day prefer to stay with .
Published at Sat, 20 Apr 2019 13:27:20 +0000
