Is Binance About To Compete With Ethereum?

Plus an exciting new "Rainbow" model for predicting bitcoin's price

Happy Friday, Blockfolians

The Lede

Never content to sit still, Binance has released details for the Binance Smart Chain, a smart contract layer running parallel to their Binance Chain. While the white paper suggests some potential advantages over Ethereum, Binance has tried to downplay the competition in their PR, telling CoinDesk that "The industry needs more high-performance infrastructures, not just one single blockchain."

Binance Now Accepting Fiat Through Alipay, WeChat - CoinDesk

Still, many aren’t buying it, and think that this brings them directly in competition with the granddaddy of smart contract platforms.

When Binance does things, they tend to do them well, so this should be interesting to watch. Get the popcorn, y’all.

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Highly Relevant Reading

  • In the buildup to the Bitcoin halving, Bitmain competitor MicroBT has unveiled 3 new mining devices

  • Following a global pattern, South Africa is proposing a strict new regulatory framework for crypto

  • Purse, the OG app for buying from Amazon with bitcoin, is shutting down after 6 years.

  • FTX launches a new token tracking bitcoin’s volatility


Community Commentary

Multicoin Capital’s Kyle Samani looks at DeFi with the specific lens of how forkable protocols might be
Eric Wall takes a satiric look at the highly influential stock-to-flow or S2F model pioneered by Plan B.

A Really Big Number We Should Be Paying Attention To

$734,000,000

That’s the total circulating supply of USDC - up a whopping 65% from March 1. The demand for dollars - even crypto dollars - is real.


Final Thought

Nailed it.