Crypto gifting startup Gifto has announced that it is leaving the Ethereum blockchain for the newly launched Binance Chain. In a blog post published earlier, Gifto explained that they see Binance Chain as the future, because it offers more speed and takes out the smart contract option which really has not really worked for them so far.
An excerpt from Gifto’s announcement reads:
“While we have tremendous respect for what the Ethereum community has built, it’s time for Gifto … to move to a new blockchain that better suits our aggressive plans for mainstream adoption, one where the real usage and growth of the Gifto ecosystem can be shown today without incurring massive fees or slow transaction times which negatively impact user experience.”
Binance Chain Offers Irresistible Value to Gifto
Gifto’s move from Ethereum was all but inevitable, seeing as the token was the first to feature on Binance Launchpad. Binance Chain is also offering a fixed fee per transaction and no network suggestion, both of which are factors cited by Gifto for leaving Ethereum.
Speaking about Gifto’s decision, Binance Chief Growth Officer, Ted Lin expressed his pleasure at the continued close working relationship with Gifto. Quoted in the announcement he said:
“We [Binance] have supported Gifto from the very beginning as a strong example for one of the first mass adoption tokens. We’re thrilled that Gifto will help expand Binance Chain not only for the crypto industry but the mass market beyond it.”
Unlike Binance’s BNB, Gifto is taking a mild migration route rather than forcing its users to migrate. GTO ERC-20 tokens will still be valid for up to a year and can still be used both on Binance and in Gifto applications.
Blockmason and Others Leave Ethereum
Another token moving away from the Ethereum network is Blockmason Credit Protocol Token (BCPT). The company announced earlier today that BCPT will be launched on the Binance Chain network, after which it will also be listed on the long-awaited Binance DEX. According to an announcement on their website, Blockmason is going with Binance Chain due to the “low latency and high throughput with one-second block times and one-second confirmation finality.”
Since the Binance Chain mainnet went live on Wednesday, several cryptocurrencies have announced that they will also migrate away from Ethereum to Binance Chain, citing the blockchain’s incredible one-second block time as a key factor in the decision. It will be recalled that a week before Binance Chain went live, Mithril sparked off the frenzy with the first Binance Chain migration.