BSC was successful because it allowed users of Binance to withdraw assets from the exchange directly to their chain, and because it was the first major EVM compatible network to spring up with low fees.
The problem with it is that it's too centralized, most of the projects deployed on it are trash versions of Eth dapps that get exploited constantly, and their shitty geth clone keeps breaking.
Users are not loyal to chains and will go wherever money is to be made, for a while that place was BSC but for now it's Polygon due to massive liquidity incentives to lure users over on AAVE and other well established dapps becoming multi-chain.
But still, all the most innovative projects are Ethereum-based and that's where all the best people in this space are building.
> it allowed users of Binance to withdraw assets from the exchange directly to their chain
A factor, sure
> it was the first major EVM compatible network to spring up with low fees.
so we are just going to ignore Tron? but its kind of hilarious that Tron tried for years to be considered not an Eth clone "we're totally differen't, not a 100% compatible EVM" and now the market only wants Eth clones and barely anybody knows Tron is one
> shitty geth clone keeps breaking
yep. pretty much all the "high tps" EVMs have an issue with the node software, it is very strange. barely anybody is even bothering to work on this layer. I know some coders and arbitragers that modify the geth software themselves so that it is parsing less data and more efficiently, so they can snipe transactions for frontrunning, but they don't share it.
The problem with it is that it's too centralized, most of the projects deployed on it are trash versions of Eth dapps that get exploited constantly, and their shitty geth clone keeps breaking.
Users are not loyal to chains and will go wherever money is to be made, for a while that place was BSC but for now it's Polygon due to massive liquidity incentives to lure users over on AAVE and other well established dapps becoming multi-chain.
But still, all the most innovative projects are Ethereum-based and that's where all the best people in this space are building.