We are moving to the Ethereum Network. Here’s why.
Change is never easy, but it is also an opportunity to achieve something greater.
Although we began our journey on Binance Smart Chain, we are now in the process of migrating to Ethereum. With all due respect to BSC and its community, we felt that ETH presented an opportunity to reach a greater subset of investors. We believe ETH investors will not only invest in our project, but connect with our brand and become evangelists within different online crypto communities.
As we have asserted many times before, we do not see ourselves as another memecoin. Our crypto token is at the forefront of bringing real world utility to the blockchain. It is important to us that we build our brand on one of the most trusted blockchain developer networks in existence.
Ethereum’s total value locked (TVL) has increased by 20% since last May, with its current TVL at an estimated $124 billion. While the monetary value of ETH is immense, we cannot discount the power of the network from an innovation perspective.
Other than TVL, why ETH?
Outside of its historic growth in value in the last year and the abundance of currency in circulation, we see an incredible opportunity to reach new heights on ETH. Additional factors impacted our decision as well that include:
- Stable and innovative open-source platform
- Second highest market capitalization in blockchain
- Thriving user base with accelerated growth potential
- Streamlined integration and adoption of our upcoming NFTs for our internal team and community members
- Accessibility to SEO Hubs to grow our community and increase awareness
While the decision to migrate from BSC to ETH was met with mixed reception from our community, we now get the sense that there is unanimous support for the migration. This can be seen in the amount of investors that have decided to remain on board post-migration. We currently have over 85% of our initial investors opting to migrate to ETH. With this, we are incredibly appreciative of our community for their continued faith and support of our brand.
Why not stick with BSC?
Low gas fees were one of the main benefits of our platform living in BSC & we decided to move forward with a BSC launch as this was a space that our leaders were familiar with. After a week from launch, we knew ETH would be a better fit for our product and long-term goals.
BSC’s total value locked (TVL) has decreased by almost 300% since last May. In addition, the network has seen a decline in users and circulating money. The historic trend of this network seems to be decreasing in value with no signs of stark recovery. As a result, its current TVL stands at about $13 billion.
Why is TVL important?
“The TVL shows how much money is locked in DeFi protocols and thus helps to get a clear view of the overall health of the DeFi market. It is a type of DeFi adoption indicator. TVL also is an effective metric to compare the market share of different DeFi protocols.”
-Steven K. (CEO & Co-Founder, Dripto)
With nearly a 10x TVL value, our marketplace and platform will reach a larger audience along with increased potential to have more money and volume flowing through our ecosystem on Ethereum. From a platform compatibility perspective (low gas fees), the BSC chain seemed to be a good fit but the fact is that BSC is a declining network with a sub-par reputation. We can go roundabouts with speculation if utilities were delivered that it would have made a huge reversal on our chart and that there is a chance that Dripto could have thrived in the BSC space, but a real use case such as Dripto’s has much more long-term potential on ETH. The marketing funds are much better spent on the ETH network. We also believe that our product would be better received from an ETH audience.
Why was bridging not considered?
Focusing on one network to build our platform and audience would give us the best chance of success. If we were to bridge cross-chain, we feel this would create additional friction amongst our internal teams and community.
Although we are not bridging at this point in time, we are not shutting the door on the potential to bridge cross-chain in the future. While we do see some value in cross-chain functionality, our time is best served building our full suite of products, crafting a distinct brand, and establishing ourselves as a disruptor of multiple industries. While we might be in a transitional phase, we haven’t lost sight of our vision.
Why consider CRO?
This decision will be reliant on an important contingency. Bridging cross-chain to CRO would be solely based on being onboarded into the CRO Incubation program. This program will give us a grant needed to focus on development and growing without worrying too much about our run rate. It will also gives us immense exposure and credibility, essentially having a stamp of approval from crypto.com themselves and access into their resource pool. We still prefer ETH and would rather bridge to CRO, even with a grant secured.
Will high gas fees impact utilities?
We are implementing various ways to workaround ETH gas fees. Currently looking at integrating a layer-2 scalability engine on ETH mainnet to reduce gas fees needed to purchase/sell on our platform. Furthermore, we will accept stablecoin from other networks such as BSC along with other accessible cryptos such as Bitcoin, Doge, and more.
We understand there are different approaches when it comes to halting trading and relaying communication about our ETH migration. However, we believe these recent events were conducted fairly for the general investor. Nothing has changed aside from us living in a different chain — our vision and product remains the same and our passion to deliver continues to grow.
Moving forward, the team will conduct regularly scheduled AMAs and updates. As for marketing, we will be changing our strategies and look to onboard a marketer with experience in ETH that aligns with our goals. Over the past couple days, our core team has conducted intense brainstorming sessions to improve our ecosystem and bring another innovative concept that aims to merge real products with digital assets. We are excited to move forward and the team thanks you for your continued support!
Will there be another private sale leading up to relaunch on ETH?
Yes, we will hold a private sale prior to launching on ETH. We came to this conclusion based on the following reasons:
- Provide an opportunity for current Dripto community members to purchase additional $DRYP tokens leading up to the migration
- Create visibility and awareness within ETH investment communities
We are not the first project to migrate cross-chain, and we most certainly won’t be the last. Although our time on the Binance Smart Chain is coming to an end, we greatly appreciate the strong community of BSC investors we have on board. This process has not been easy for anyone, but we will all see great success from this transition.
To find the latest news & updates on Dripto, check out our Telegram: https://t.me/driptotoken