BSC has managed to do that because demand for affordable DeFi products is increasing. Their chain has managed to solve a major problem for small-time investors like myself who could not even think of using platforms like Uniswap due to insane fees.
So DeFi on BSC can be safely called Centralized DeFi. Due to this, many users have issues with it, and rightly so. The blockchain philosophy is mostly in favor of decentralization. But we are far away from achieving 100% of it. I feel that BSC provided platforms where I can train and expose myself to the world of DeFi. When ETH or any other blockchain (which is not centralized) solves the problem of High Gas fees and speed as BSC did, I will move there.
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The reality is most people do not care about centralization and are perfectly happy to use it.
To me, it is a hybrid situation. It solves the fee problem that ETH has enabling the small investor to partake. However, it is centralized and controlled, not what we ultimately want.
In the end, Hive can step up and help to push things forward.
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Exactly! We need to step up for sure and solve problems that other platforms/blockchains are facing.
Leo Finance is doing a such a great job on similar lines by creating Leo Bridge which is one of its kind.
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I agree completely with what you have written here. I hadn't touched Defi before Cubfinance and BSC providing an "affordable" entry into this world. I think it's easier for a centralised entity to take the appropriate measures to fill a niche. The decision process is short and can be efficient. Then a player like Binance certainly has the funds to develop the necessary software. Decentralised platforms need much more time to make these compromises and provide the financial resources.
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Same here!!! I am sure ETH & BSC can co-exist and people have the choice to use whatever they think is best for themselves. Freedom is still not lost. Binance is looking to take over everything it seems but it's okay, it also helps many people to enter this space which is helpful for now. Adoption is more important before we worry too much about Decentralization. It will come in due time I guess.
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It is great that CubFinance introduced you to DeFi.
I think it did that for a lot of people.
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I used Uniswap once, for Koinos. Now with CubFinance ... We all like it because of high yields. Simple as that. DeFi is like ICOs of four years ago. It will eventually phase out or become normal. Then something new will emerge.
About de-centralization. Yes, it is an issue to those who care about it. Yet, BSC demands a lot of computer power. Are we willing to put up a powerful enough network of DeFi nodes to make it decentralized? Software is available :)
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