What is the benefit of Polygon over Binance Smart Chain
Binance Smart Chain fees have gone back down just like Ethereum fees have gone down. There have been heists and bank runs on Polygon and I am not sure about Heco Chain. The one thing Heco Chain has and Binance Smart Chain has that Polygon doesn't is that it is backed by a large exchange with lots of money and power. Polygon is a great idea and a great concept but if you have to the your Ethereum token and wrap it, why not just wrap it into a BEP2 or BEP20 token? There will more likely be more liquidity if you use Smart Chain if you want to trade. You have the option of using a CEX like Binance and you have the option of a heavily funded AMM like Pancakeswap which must have some connection to Binance whether now or in the past.
Safepal, Trustwallet, Pancakeswap, and Binance are all about the same to me. If one of them fail, Binance will lose the trust of the industry. They have every reason to succeed and the money to do so. I am not betting on the best technology. I am betting on the best fork of the best technology. After all they are just a fork of Ethereum. Ethereum is awesome so a fork of Ethereum built by Binance is going to be pretty awesome. They were the first to market with awesome easy to figure out yield farms and syrup pools with heavy yields. They have heavy yields that should be able to sustain because the majority of the Cake supply is already staked.
These other protocols with crazy yields won't be able to support them the minute someone puts in $20,000. Since most of the yield is an amount of coin per block, the more money that is staked, the less each person in the pool will receive.
If you look at the Auto Cake and Manual Cake pool you will see that about 145 million of the 185 million Cake is being staked and still there is a good yield. Even if the remaining 40 pulled out of their other pools and LP tokens, the Cake protocol would still be able to provide a reasonable yield and still possibly the best an safest in the industry.
The kicker is that Cake is liquid at so many exchanges while the new Poly tokens aren't available at most exchanges. Your only option is a small pool on Pancake Swap and if the pool runs out of money, you are screwed.
This is one that I am still trying to figure out. I finally bought some Matic so that I can try out Polygon but first I have to figure out how to even get it there. I own it on Coinbase Pro, so I am not sure if I own the real Matic and can send it to a Polygon wallet or if I own the ERC20 token. I am sure it won't be hard to figure out but everything in crypto takes so many steps because there aren't clear cut directions for every scenario that I come up with and as I have found out, making mistakes can cost a fortune.
Now that I have a few mistakes under my best I do everything slowly with a little bit and lots of research. I still can't past the fact that the tokens on the Polygon network don't seem to have liquid at any of the Centralized Exchanges. That is the big advantage of Cake and BNB is that it is highly liquid. If Mark Cuban can lose money in a bank run than so can anyone and I think that is less likely to happen with Binance Smart Chain's pride and joy Pancakeswap. If they let the number one most liquid Dex fail it will not go well for their currency and their top 5 listing could be in jeopardy. The best thing that Binance can do to make money is keep their system safe and working just like it is supposed to. It is programmed to make them money so they just need to let it do its job.