Quietly, subtly, and without contest, Ethereum is currently under a sustained attack that’s been ongoing for months.
Long considered the king of this dApps, Ethereum is the one which additional blockchain platforms seek to dethrone within their attempts at ascension. Thus the well-known term — Ethereum Killer — which can be self-applied by ambitious crypto jobs appearing to punch above their weight.
While those punches have thus far failed to property, it looks like Ethereum is now being assaulted on an entirely different front with an unexpected foe: Binance.
The Binance cryptocurrency exchange now apparently refuses to record new tokens against ETH on its stage, and in certain cases has even removed ETH trading currencies. That’s while Binance Chain continues to lure Ethereum-based jobs to migrate into its blockchain — with all the promise of an exchange record they would never otherwise have had.
Is Binance softly hoping to make Ethereum an”un-crypto?” Let’s examine the available evidence.
The Binance official announcement blog particulars fresh coin listings going back the prior several months. During that time, lots of new coins have been added into the Binance market. A number of these were found on Binance Chain, and many others moved from Ethereum.
In accordance with the statement, ONG/BNB, ONG/BTC, and ONG/USDT trading pairs were launched.
Once more, we have CELR/BNB, CELR/BTC, and CELR/USDT trading pairs.
Just bear in mind at this point that Ethereum is the second most traded cryptocurrency (excluding Tether) from the world, and has been for a lengthy time.
Next, we have the list of Cosmos (ATOM) on April 28th, where again the token is started with the same BNB, BTC, and USDT trading pairs. Still no sign of Ethereum as we wade through more recent listings up into the present.
Out Using the ETH, in With the New
All this time, these new listings, and still no sign of Ethereum. Being the second most traded cryptocurrency in the world, why would not an exchange want a bit of those ETH trading charges?
Yet not only has Binance declined to amuse ETH trading for newly listed coins, but it’s also gone so far as to eliminate it as an alternative.
When PHX was fairly gaudily rebranded into Red Pulse Phoenix Binance (PHB), it was relaunched with new trading pairs, according to this announcement:
Once trading opens, the previous PHX/BNB, PHX/BTC and PHX/ETH trading pairs will be removed and delisted.”
All of this comes six months following the ETH ticker that sits atop the Binance trading site has been removed, and replaced with the tag,”ALTS” — denoting altcoins generally.
Despite evidently giving Ethereum the cold shoulder, Binance creator and CEO Changpeng Zhao (CZ) denies any ill-will on his part. CZ has said publicly he wishes to see Binance and Ethereum”grow ”
I enjoy the positivity for #bnb, but we really don’t need to diss any other coin. #eth can perform a whole lot more than #bnb in features. Let us grow together. https://t.co/26a2T0Om3x
— CZ Binance (@cz_binance) April 22, 2019
When it was put to CZ the launching of Binance’s own decentralized exchange stood as a challenge to Ethereum’s DEX dominance, he shrugged off the suggestion:
Thank you for the nice article! But nearly overly encouraging. lol. @Binance_DEX doesn’t challenge Ethereum, it doesn’t even have intelligent contracts. It disturbs ourselves, exchanges. 🙂
CZ’s considerate public character is in stark contrast to that of the creator of Ethereum, Vitalik Buterin. Buterin has been ringing alarm bells about the overpowering centralization of power by crypto mega-exchanges for some time. As the largest exchange in the world, Binance defines that class.
Buterin recently called Binance’s abrupt delisting of Bitcoin SV (BSV) as one in a long line of cases of this arbitrary exaction of electricity:
“They’ve asked for big listing fees. They affect which coins win and lose by determining which trading pairs they have — so it is odd to criticize that one decision (the delisting) without looking at each of their others.”
Motive: Why Would Binance Assault Ethereum?
While most do not want to rock the ship, Buterin is one of those few crypto personalities to openly criticize exchange listing fees. Binance wasn’t named directly; nonetheless, the exchange has previously been accused of these bribery by a respected, community driven (not rich) cryptocurrency job (Binance denied the allegations and has since started donating listing fees to its own charity ).
Buterin has decried the”king-making” ability of those trading platforms in the past, saying in 2018 he”hoped centralized exchanges burn in hell,” adding:
“We can take away this dumb king making power that these centralized trades have where they have this capability to just decide which tokens become big by deciding to list them then charging these mad $10 million to $15 million record fees. The more we can get away from this world and into something which actually satisfies the blockchain values of openness and transparency that the better.”
Could CZ’s quiet deletion of Ethereum pairs out of his trading platform be an act of petty revenge in retaliation against these remarks?
The King is Dead; Long Live the King
Or could it be something a lot more devious?
The strategy: Give projects the chance to migrate to Binance Chain, give them trading pairs around the biggest exchange in the world, and gain from all of the new network fees, and trading fees.
Meanwhile, gradually reverted accessibility to ETH trading pairs and funnel all newly listed tokens towards your Binance Coin (BNB).
Rather than petty grudges, this would seem a more likely motive for the current assault Ethereum finds itself under. And of course, the bases and companies behind the jobs which migrate to CZ’s chain must naturally be made aware that they will not be given ETH trading monies. None have talked openly about this so far.
In short, the Ethereum Killer may really be here, and its name is Binance.
Disclaimer: The opinions expressed in this article are solely those of the author and do not represent those of, nor should they be credited to, CCN.