It depends on which angle you look at it, if you are looking at a % total TVL by chains, protocols like AAVE, Uniswap, Balancer, Curve, etc. are consistently becoming top protocols on chains they expand to.
So liquidity on those chains will tend to concentrate on those reputable DeFi protocols, but overall chains liquidity they expand to is much lower than Ethereum so in absolute numbers won’t look so good!
It’s a very interesting point, I’m wondering how the community sees this kind of incentive.
We are confident that there is an untapped new market with new users and fresh liquidity for GMX on the BNB Chain, but this kind of incentive will also encourage users from Arbitrum / Avalanche to come to BNB Chain which is not so interesting I think for the community and the team, what’s your view on that?
Think just about fees-part right now. Imagine incentive program and closer cooperation with Binance. In the bull market, this can help us generate a lot more fees for stakers. From the business side it is a good deal from ideology side centralisation may bother some…
i decided to fully support this proposal
Almost all the top dApps have already onboarded to BSC
BSC is decentralized enough, I don’t see it being centralized more than any other side chain or L2
All in all, looks good proposal to me. The only concern I have is if developers have time to start working on it or not. They are already busy with synths right now and then further developments are already in pipeline
I think the only reliable measure of activity is fees (protocol or total fees). If people are not willing to pay for a service like a DeFi protocol, it is hard to claim I think that it is being used in an organic basis. But just my personal POV. That is a good point you make!
Lets make BNB Chain great again!
If not we, then WHO?
I want my assets to be exposed to Binance marketing machine!
Dont forget their intention to focus peoples attention on self-custodial wallets (TrustWallet) and Binance need a good solid toys for all that army of self-custodial new Chad’s. So its better to give them GMX instead of some cheap clone with dubious reputation… so its kind of our duty! to expose great protocol to new wave of web3.0 users… because…
If not we, then WHO?
PS: @randomishwalk@gmx your comments and thoughts is really interesting btw… and ofc I agree with them in parts… but… instead of making restriction for “move” may be lets reveal all the most biggest potential pains in that intention and lets define possible actions in that extreme cases.
Yes precisely! Let’s surface the key technical/operational/security issues this poses, see what we can deal with vs not and then determine best course of action, subject to some criteria that’s something along the lines of “hey what are we actually trying to accomplish here”
yes that’s a great pt. again I don’t think this should be done to the detriment of the existing community and loyal users which is why this should be deliberated over and explored some more before committing to anything. I am still pretty unconvinced, but tbh we don’t have all the information here available to make a good decision
Yes, BNB has a lot of users and a bunch of protocols, but it’s not really known for high quality DeFi. My first time using DeFi was on BNB, there’s some sentimental value there but I don’t really like Binance or how they develop their ecosystem. It’s all rugs, low effort forks.
In my honest opinion, BNB stands to gain more than GMX from a deployment there - it would dilute the GMX brand which has done great at limiting deployments to chains with high-quality DeFi ecosystem and legit innovation. There’s not that many collabs/integration GMX can explore on BNB that aren’t already on AVAX/Arbitrum. I say quality over quantity, frankly: focus on existing deployments and winning in those ecosystems!
I want to add one another point; it seems Uniswap deployment on BNB chain will also happen soon. BNB and Binance wants to get a big pie on DeFi so we can assume there will be more sophisticated protocols on BNB chain.
If GMX won’t expand to the BNB chain i’m sure Level or Ede or some other perp protocol would fill this area. I am supporting this expantion.
I think GMX has the opportunity to expand on other chains such as BNB, Polygon etc. However this needs to be considered after deployment of Synthetics. Otherwise going to BNB ecosystem would be an overall great expansion of the protocol.