First of all, the community support from early users on Bounce has been nothing but incredible. In light of this growth, we’ve decided to create Bounce on Binance Smart Chain (BSC) for the following reasons:
- lower gas fee
- Binance validators provide super-fast transactions for Bounce
I know we just recently announced new token metrics, and this is a lot of change in a short time. I apologize for any possible confusion. Just to make things clear, Bounce Ethereum will coexist with BSC. The total supply of BOT stays the same.
Binance Smart Chain was an easy choice, and not just because of cheaper fees and faster network speed (though they are essential). Binance’s Smart Chain is fully EVM-compatible, so existing integrations like Metamask will continue to work. Therefore, for many Bouncers, the user experiences stay similar.
Ethereum fees were over 200 gwei a few days ago, and while they’ve come down quite a bit, these prices are a pain to both the platform and users. Real fees for transactions on Binance Smart Chain will be around $0.01. This extremely low pricing will attract users who want to participate in auctions with lower amounts to the platform. Less friction from transaction costs will increase interaction in general, which is a good thing for Bounce.
Network congestion is another concern. I fear as more applications are built on Ethereum, users will have to essentially “bribe” miners with higher fees or wait an extremely long confirmation time. This will only be solved with the full launch of Ethereum 2.0. I guess.
Creating a new version of Bounce would’ve been a headache for everyone involved. Thanks to BEP-3, atomic swaps are enabled with Ethereum. Binance Chain and Binance Smart Chain have native cross-chain communication as well.
Interoperability and playing nicely with other chains are things to consider moving forward, and being able to have auctions using BEP tokens plays a large role.
I sincerely hope that in time Ethereum fees will come down, but I want to give the Bounce community another option in the meantime.