Software continues to rule our world. Everything from emails, banks, mortgages, and delivery services rely on stable and fast backbones to function. The blockchain space is no different. Protocols that are slow, expensive, or unwieldy will be discarded for products that perform similar functions, only better. The ability to rapidly iterate and deliver better software is one of the main strengths in the space. Binance has taken this approach in creating its Binance Smart Chain (BSC) blockchain. While it has been less than a week since it debuted, BSC is already being used as a foundation for several projects, including the Prometeus network.
Before discussing Prometeus, we need to examine the current transactions needed to enter a yield farm single smart contract in Ethereum. While not the typical user for Ethereum, yield farms have quickly gained a substantial following.
ETH Exchange -> ETH Metamask ->Token Swap -> Token Dapp -> Dapp Authorise -> Provide Liquidity -> Authorize Liquidity
Here we have eight steps that, at $5 per transaction or more, are $40+ to start earning yields. For the small investor trying to figure this out, even breaking even on the yield farm has become more difficult. As one of the initial goals of DeFi is to democratize finance, this is a step in the wrong direction. For these reasons, yield farming with Ethereum tokens has become a “Whale’s Game.”
While the above is a very simple flowchart of a DeFi flow, it demonstrates how a congested blockchain network (Ethereum) can lead to overly high fees. However, Binance Smart Chain (BSC) does not suffer from these limitations. Instead, BSC uses Binance’s native token, BNB, for fees the same way Ethereum does.
Crypto Twitter’s own Messiah went on a livestream to demonstrate the lower fees and faster transmission times. Later, he looked at a few yield farming platforms on BSC to speculate.
Even though it is not a yield farming product, the Prometeus network is one of BSC’s most popular projects. Judging by the activity that we can see on the BSC blockchain, Prometheus has its supporters.
While we have previously discussed the BSC benefits, the brief list is
- 100x better performance over Ethereum
- Smart contract compatible
- More transactions per second
- 3-second block times
- Transaction costs are 10-100x less expensive
- Compatability with Metamask
Since the graphic was posted, the number of wallets holding PROM has gone up to over 4,200 token holders, placing it below Burger (a yield farm) and BUSD (a stablecoin).
Even though Prometeus does not have a food-based offering, it is still part of the Decentralized Finance (DeFi) ecosystem. This is encouraging as Binance is offering $100 million in support for both CeFi and DeFi projects. In addition to seed funding, Binance will provide liquidity to BSC projects that have passed security audits. Thankfully, Prometeus is in no need of additional funding and will instead continue bringing its social media platform to BSC. Until Ethereum 2.0 is launched, BSC promises to usher in a world of lower fees and faster blockchain transactions.
Prometeus Network website is here.
Prometheus Medium is here.
Ignite website is here.
The Prometeus telegram group is here.
*Disclaimer – Prometeus Network is our Media Partner, and therefore this content is sponsored by them.