Binance Smart Chain - My financial freedom

Leofinance is getting ready to cash out the Defi market that surprised everyone in the last three months. Fortunately, I made a right decision to join the Binance Smart Chain bandwagon back in November 2020. The reason to join the platform was pretty straightforward- to avoid the exorbitant gas fee on ETH network which made it impossible for me to do anything.

And, BSC came along. The gas fees were much lower but the platform did not suck. It was a clone of ETH structure and was much easier to navigate through already established infrastructure such as Metamask integration.

I started out with Venus protocol where I collateralized the small amount of ETH and BTC I managed to save since I forayed into the crypto space. I must confess that I know all the arguments that tell you how unsafe BSC is and how risky it is to put your assets there. But, if you are taking a risk to put your assets in an online market- be it ETH or BSC- you are technically prone to those risks. I was scared but thats the sacrifice I had to make to by financially literate on Defi space.

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Now, I can confidently say that I am much more confident in dealing with Defi instruments that before. I got rekt by multiple Yield Farming projects on BSC but I also managed to grow the unthinkable amount of wealth using some legitimate projects. I learned that it is your decision and you have to use whatever information you have to make that call in the right moment.

I am very happy that I got rekt in many occasions as I will never venture out in similar projects again. I will be more vigilant.

Having said that, there is always a possibility of a surprised risk if yow are chasing the higher reward. While doing that, I got to learn the instruments in the Defi space. The concepts of rebasing, algorithmic stable coins, yield aggregators, yield farming and swaps are now sound familiar. It is all because of the network created by Binance.

We can always argue that the platform is not decentralized. However, we tend to forget the value of this playing ground for those users who would otherwise be left out. I am a prime example of one of those users. I would have never been able to take part in this defi experiment if it was not for the cheap gas fees on Binance Smart Chain network.

I value decentralization but not at the cost of my ability to take part in this revolution. I am glad that @Leofinance is taking this step. Looking forward to $bleo $bnb pair on BSC :)

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10 comments
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I think if Ethereum does not develop on its own, smart contracts will be dominated by Binance

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I am not sure what is going to happen in the future but I owe to BSC for letting me play with that fee.

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Getting rekt is part of the learning process. What risks would BSC have, a hack or something?

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I am not sure about the risks at the highest level of foodchain that deals with the semi autonomous decentralization system binance has. For me, the risk was related to scam projects. I chased high rewards in a very short period of time, which is always risky :P

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I'm very happy with BSC because it has low fees, auto compounding and you get the deposited token plus the platform token. What I don't like is centralization but I hope I can move to the Ethereum network once the gas fees issue is solved.

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I would love to do that but I doubt they will solve the gas fees issue. There are so many outstanding issues they need to solve before that happening. I am sure this the beauty of decentralized governance where decisions are transparent but not so nimble. Things may move to second layer like quickswap or on a new first layer chain. Who knows? But, at the moment I am happy with all the opportunities BSC is offering :D

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