For those of you who own ethereum (ETH) this might be the moment to consider a report from CCN claiming that ethereum is currently under a sustained attack that has been ongoing for months.
As CCN says, “Long considered the king of the dApps, Ethereum is the one that other blockchain platforms seek to dethrone in their own attempts at ascension,” hence the use of the phrase ‘ethereum killer’.
While other contenders are punching above their weight when making this claim, the same cannot be said for Binance, which is carrying out an assault on ETH in a different way.
For starters, the Binance cryptocurrency exchange now apparently refuses to list new tokens against ETH on its platform, and in some cases has even removed ETH trading pairs. Yet, “Binance Chain continues to entice Ethereum-based projects to migrate to its blockchain — with the promise of an exchange listing they would never otherwise have had,” as CCN states and asks the question, “Is Binance quietly trying to make Ethereum an “un-crypto?”
The evidence points to the fact that Binance has listed a number of new coins recently, and has lured some from the ethereum blockchain. None of them are paired with ETH.
Given that ETH is the second most traded cryptocurrency in the world, why wouldn’t an exchange want a piece of all those ETH trading fees? Yet not only has Binance declined to entertain ETH trading for newly listed coins, but it’s also even gone so far as to remove it as an option.
Curiously, Binance founder and CEO Changpeng Zhao (CZ) denies any ill-will towards ETH on his part and has stated publicly that he wishes to see Binance and Ethereum “grow together.”
Why might this be happening? Well, Vitalik Buterin has criticised exchanges for their listing fees, and while he didn’t mention Binance by name, but his words have been taken to implicate Binance.
Buterin has decried the “king-making” power of these trading platforms in the past, saying this in 2018: “We can really take away this stupid king making power that these centralized exchanges have where they have this ability to just decide which tokens become big by deciding to list them and then charging these crazy $10 million to $15 million listing fees. The more we can get away from that world and into something which actually satisfies the blockchain values of openness and transparency the better.”
Is it a petty grudge, or something more devious that is going on at Binance? CCN outlines what it thinks is Binance’s strategy: “Offer projects the chance to migrate to Binance Chain, give them juicy trading pairs on the largest exchange in the world, and benefit from all the new network fees, and trading fees. Meanwhile, slowly strangle access to ETH trading pairs and funnel all newly listed tokens towards your own Binance Coin (BNB).”
Perhaps Binance will turn out to be the ethereum killer!