The joy of any evolving technology is the easy that comes with using it, the speed, less complexities and
User friendliness.
Crypto and Blockchain is evolving at a speedy rate, few years ago you can't unbank the banking institution freely and easily like this. Liquidity farming, staking and all are the by products of an evolving blockchain with cryptocurrency via Decentralized Finance.
However, each technology have its own challenges. Ethereum been the foundation of DeFi had a big flaw which made other chains pop up to try to solve it. Binance chain came into the game to ease things and it worked for quite a while, it now that its becoming crazy to transact without hiccups which is damn discouraging.
A lot of crypto users I know have been complaining lately about BSC and the errors while using the DEXs and AMMs. I have spotted a flaw since I started using it as a better alternative to Ethereum as far as DeFi is concerned.
Could it be too much traffic? Or just low tech codes? Those are the questions on my mind. How can it be that hard to solve a clogged network after a few days?
For some days now it has become difficult to transact via BSC, some withdrawals are been disabled on its CEX the number one Exchange in the world!
DEXs are meant to be solution to CEXs headaches and smooth anonymous tradings without having to drop your girlfriend's phone number to make a trade. Alas, things ain't as easy as it should be on a few of these DEXs presently.
Notably, Pancakeswap, Julswap, DailySwap and literally all Automated Market Markers on BSC is giving so much errors and it seems the whole fault is on Binance smart chain. Or so I think because its becoming as ridiculous as Ethereum before the gas fees went out of hands.
So to say, you have to pay around $2 to $3 to swap which is supposed to be in cents as gas fees. Also, you have to tweak your spillage settings, gwei settings to make a transaction. I have a feeling that this was how Ethereum humongous gas fees started till got out of hands and needed a saving savior- Eth 2.0.
Is this the end of the reign of BSC or just some lagging time? Which is taking too long.
As it should be, there are dozens of contenders in the DeFi space that will take the pains of users. Solana Network is one of them. A rising in popularity chain, way cheaper and faster than Eth or BSC.
Not saying its the end of BSC, but if something isn't done fast, people might shift their focus and energy somewhere else and I hope its Solana. Its a network I am beginning to fall in love with and i can't wait to explore the space like Odessy!