This might be the scariest chart ETH holders have ever seen.
With BSC Binance has made a "crypto move", and a so-called "fork", i.e a copy of another chain. Forking the ETH blockchain, the transaction history, and all its accounts' contents, creating a snapshot of the ETH network, Binance is allowing ETH holders to interact with the BSC chain in almost exactly the same way they are used to from ETH. And if BSC is faster than ETH, and essentially the same otherwise, why use ETH?
BSC is a more centralized entity than ol' ETH. The centralization provides more speed and stability to the network than the "slow" development seen in decentralized networks like ETH or BTC.
For BSC users, like most crypto holders, the main goal is the appreciation of the assets held. Most holders don't care about decentralization. They want to "reach the market," and Binance is probably the biggest market in crypto today. Binance cemented its crypto behemoth status after also buying the biggest price monitor site in the industry about a year ago: Coinmarketcap.
Question is if any of the other crypto giants in the industry can catch up?