EOS Loses its Largest DeFi Project to the Binance Smart Chain Network

EOS is becoming redundant; the blockchain has lost even more relevance with the news of the biggest DeFi network on its chain, Effect Network, making the shift to Binance Smart Chain (BSC).

By
Wilfred Victor
on
March 27, 2021
Category:
Breaking News

About Effect Network

Effect Network was one of the largest DeFi projects on the EOS blockchain. The platforms primary aim is to link job seekers and freelancers to companies needing their services. It is responsible for increasing users’ participation on the EOS chain. It has held a dominant role for some time, boasting 10,000 working members globally from 97 countries around the world. The network anticipation of building a decentralized future of work would be impossible within the EOS chain. The BSC chain is looking quite attractive to achieve all of its goals and potentials.


Is the BSC Compatible?

BSC is undoubtedly one of the most attractive and valuable chains currently available in the Decentralized Finance landscape. Its increased scalability, growing participants, cheap fees, and super-fast transactions attract new projects into joining the network. Projects are not limited to their newness but are often from other chains and are looking at scaling with a greater degree of success on the BSC.

One of the prevailing reasons for project confidence with the chain remains that the leaders have been steadfast from the inception. Binance chain has never encountered any significant issues like that of Dan Larimer, former CTO of the EOS chain leaving the network. But for anything, the leadership of CEO Changpeng Zhao (CZ) has been super inspiring to the whole of BSC usage. Overall, the BSC boasts one of the most efficient DeFi networks currently in the space.


Why did Effect Network Move?

Simple, to tap for the increasing influence and growing network of the BSC chain. The Effect Network moved from the EOS chain to a better scaled and improving chain. They cited efficiencies and operation scalability, the topmost of the companies decision is in the future of the BSC network leadership and its long-term vision.

Being a network in its infancy, the BSC network has gone all out to accomplish goals; EOS in all of its existence haven’t thought of accomplishing what the BSC has to offer. To achieve this long-term vision of covering even more freelance and increasing onchain job seekers, the network would have no choice but to make the shift.


The Implication for the EOS Blockchain

This may as well signal the end of the DeFi usage as well as utilitarian activities on the EOS chain. Effect Network is the biggest user of the chain and the recent switch may push it faster towards its obscurity. Right now, there isn’t much for the EOS team to do but to find a way to scale the network and make it look attractive to potential applications to build on. 

The network does not have a lot of attractions for users as each day it tends to lose its relevance.


In Conclusion

Chris Dawe, the CEO of Effect Network has expressed confidence in the network’s recent move into the BSC. As he points the salient fact of the network proving itself in such a short span of time. True to his word, Binance Smart Chain growth has been on a growing trajectory such that could benefit the overall DeFi landscape irrespective of the chain projects are migrating from.

There is room for all, as expressed in the leadership of the renowned Binance Smart Chain, as well as the entire Binance Ecosystem. The network growth isn’t slowing down anytime soon!

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Wilfred Victor

Ace finds himself as a blockchain enthusiast who is focused on growing with the entire crypto sector. He is an energetic and passionate writer who believes that all things are achievable.