Any reason not to create renETH on BSC?

General
#1

Sorry if this question exposes a poor understanding on my part, that happens often.

If we are bridging on Binance Smart Chain now and ETH gas prices are so high and not likely going to fall, has there been any consideration or planning to possibly make renETH on BSC? Does this even make sense and why or why not? I feel like I am seeing an obvious opportunity but I can’t find any discussion on it which typically means I have missed some non-starter issue.

I really didn’t want to make this an RFC without checking with others, but I can if that is a good idea.

#2

this is something that will come closer to Q3/Q4 this year.
Here is a short explanation why, but it is in the plans to come.

1 Like
#3

Thats awesome, thanks for sharing.

I don’t want to pressure the dev team because I am a bench warmer by comparison. That said, it seems like one method of improving decentralization is to improve the payouts for nodes. Currently I am worried that the costs of 100k REN is starting to price out risk taking retail level investors leaving only institutional level investors who are more risk adverse by nature. Also, I think many multi-node operators will cash in some of their bonded REN shortly after looking at the current ROI from fees relative to the current value of 100k REN. So, as is, I expect node counts to drop a little in the coming months.

I am sympathetic to the arguement that raising burn/mint fees is detrimental to the network long-term and that instead we should focus on capturing more volume/market share. If renETH has the chance to bring in a large emerging market for cross-chain bridging, the resulting fee generation could really help maintain consistent growth (node count) toward decentralization.

In conclussion, maybe this should be made a higher priority to strike while the iron is hot? Let me know if I get to a point where an RFC is worth a write-up. I am overly hesitant about making myself look bad. :grin:

2 Likes
#4

Hard to gauge priority from the outside like you say. I personally only see Greycore expansion and sharding as pressing issues. Once that is sorted I think so many integrators will connect that people will be more patient with upgrades.

#5

renpool.io check for updates

#6

The real reason why no one should use BSC is because it’s centralized and Binance is not a friend to the global decentralized movement. There is a lot of funny business going on with volume claims and BSC looks to stamp out the entire ETH community. I will not support any Binance initiatives and I do not believe the broader crypto community should either. There are alterior motives with BSC

#7

How would you propose we bridge ETH then? It is easily the most costly chain right now.

#8

Well, I do not personally believe setting up a bridge is bad for Ren per se… it will generate revenue for the nodes, but long term it’s best if Ethereum does well, and traffic migrating to BSC with the influx of crypto newbies who likely do not understand the importance of fighting for decentralized projects or how BSC is unfriendly to this end game is counter productive for the community at large. I think ren should bridge with projects that meet the ethos of decentralization and by pass those that do not.

1 Like
#9

Sorry if this is obvious but what is uonthr bridge? I don’t understand how a congested ETH provides revenue for the nodes, am I interpreting that correctly?
I see Ren’s money making appeal as supplying a relief from congestion. I would prefer to do this with decentralized chains but in all honesty its the revenue that takes priority for me.

#10

I corrected the typo there. So that is usually most people’s priority as well, personal revenue generation. So just do what you have to do, but if you can support Ethereum instead of moving assets into BSC, it helps with the cause. L2 scaling will come to ethereum in time. If you want to generate returns, you can use Celsius Network and earn strong rates on your ERC20 tokens in the meantime. Keep in mind that this is also a centralized custodian and they will be holding your private keys while deposited. The difference is that Celsius is not building a competing blockchain to Ethereum and is not seeking to take over prominence from ETH.

1 Like
#11

Here’s a great explainer video about Binance Smart Chain. I think it goes without saying that BSC is 100% self serving and will lead masses of new crypto users unknowingly down the wrong path … despite temporarily saving them money in fees, while they will pay in other ways with lost security and forgoing the entire spirit of crypto and blockchain of taking power away from conglomerates and monopolies and giving power back to the people.

Explainer Video from Finematics

1 Like