I was excited by discovering this topic of discussion just now and immediately voted for having an index on BSC.
However, I’ve just seen the results of the poll I’m truly disappointed by the lack of support.
Let me share an everyday user and investor perspective here:
Many people in crypto are here because of the financial Holocaust that’s occurring around the world in fiat. Crypto is inherently risky and most of the investors that are here understand that.
We are here hoping to find an asset vehicle that is stable (as stable as can be) and will allow us to grow our savings and increase financial security for our families.
As soon as I saw the index and did my due diligence I immediately knew that I wanted to invest some of my funds. Knowing that a basket of large market cap projects comprised the index gave me a feeling of security and trust. Indexes are familiar because they’re similar to the Fiat world. Users can understand them.
In fact, I tried to double my investment earlier this year but gave up due to high gas fees and an inability to find a low-cost bridge from BSC to ETH. See Purchase with Binance Stablecoin
Most of the users on BSC despise ethereum gas fees. To say that they hate Ethereum would be an understatement. Most simply refuse to transact on it.
As soon as a project is forked on BSC or Avalanche users flock there because of the low gas fees.
Anyways I’m not really saying anything that you haven’t heard before.
There is, however, one consideration that I don’t see mentioned here: many projects on BSC are low-quality memes and apps. A highly procured decentralized managed index would likely get even traction then your most optimistic estimates. Why? users don’t have a high-quality class of investment on BSC outside of the pegged tokens that already exist (
BToken : Community Support). Indexcoop has already built a reputation of quality, so BSC users (many of which are new to crypto) would adopt it quickly.
I hope the team does launch an index on BSC despite the results of the poll. Keep in mind: the results of the poll here are skewed given the nature of membership of the index right now.
If you want to make a truly data-driven decision about if BSC is supported, ask on Reddit or somewhere else where users are transacting across multiple chains so that your results will be chain agnostic and more representative.