DeFi BSC Close to Overtaking ETH Total Value Locked

Binance Smart Chain (BSC) is already one step closer in overtaking Ethereum TVL.
BSC achieved over $47 billion TVL while ETH surged to over $72 billion TVL.

Binance Smart Chain (BSC) is already one step closer to overtaking Ethereum in terms of total value locked (TVL). Specifically, BSC has already achieved over $47 billion TVL, which is inching closer to the TVL of Ethereum amounting to over $72 billion. Indeed, BSC is one of the active and aggressive ecosystems inside the decentralized finance (DeFi) space.

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Source: Defistation

This event in the DeFi space made analyst Mati Greenspan react:

Both are competing for market dominance, whereas Ethereum has been the only widely used smart contract blockchain since inception, Binance Smart Chain can now be seen as a serious competitor.

Greenspan added that the technology advancement and the competition of both the ETH and BSC in the DeFi space are healthy. “Luckily, there’s no need to take sides. We can profit from the growth of the market by investing in many different areas and thus drastically reduce our risk as well as maintain neutrality,” wrote Greenspan.

Furthermore, the low fees in the BSC are a big factor that contributed to the fast growth of the network’s TVL. Interestingly, more investors and traders right now can maximize their funds in swapping their favorite crypto using BSC.

Meanwhile, BSC’s technology in eliminating high fees does not go unnoticed by the ETH network. As a result, the ETH network is already on its way to completing ETH 2.0, a technology that eliminates the high GAS fees of the network.