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EOS Loses Its 'Largest' DeFi Project to Binance Smart Chain
Effect Network cites "unfulfilled promises to address the many issues that plague the EOS mainnet" as motivating factors.
Effect Network, a decentralized finance (DeFi) platform that connects companies to the global workforce, will be switching its development from the EOS blockchain to the Binance Smart Chain (BSC).
STORY CONTINUES BELOW
Effect Network developers said Thursday the main reason for the shift to BSC, a smart contract-based blockchain backed by exchange giant Binance, is due to concerns about the future of the EOS blockchain and its leadership.
In January, serial blockchain entrepreneur and EOS CTO Dan Larimer left Block.one "to pursue new personal projects."
Effect Network cites "unfulfilled promises to address the many issues that plague the EOS mainnet" prior to Larimer’s departure as motivating factors for its search for greener pastures. The team claims its network, which purports to be building the "decentralized Future of Work," is the "most-used and largest project" on the EOS mainnet to date, with clients including Kraft Heinz, Linus Tech Tips and the United Nations. The team cautions that with Effect's departure this may well mean "the end of applications with real use cases on the EOS chain."
Why BSC?
Effect Network CEO Chris Dawe explained the move to BSC is due to his confidence in the long-term vision of the Binance ecosystem.
"Look at what the Binance organization has accomplished in only the last three years. It is a testament of dedication, hard work but above all its laser-focused vision. The amount of products and services our clients and workforce can tap into with the Binance ecosystem are amazing and will help accelerate the growth of the Effect Network like never before," said Dawe.
BSC has taken on a number of DeFi projects from the Ethereum ecosystem, such as SushiSwap and 1Inch, since it went live in September.
Read more: Controversial Dapps Test Binance Smart Chain’s Decentralization
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
