A few people have messaged me saying that BSC’s rise over the past few months has solely been due to the failure of L2 projects to deliver quickly enough. Quite frankly that hurts, and I wanted to set a few things straight from my personal POV

When the DeversiFi project launched just 12 short months ago, we had less than $300k in the bank and were just a small team with a small community & network of supporters

At the time no-one else had launched a ZK-Rollup/validium exchange, DeFi was still finding its feet and yield farming was not a thing. We had previously built a state channel based scaling solution in 2018, but quickly parked that when we met the awesome StarkWare team in 2019

We spoke to over 50 smart funds & venture capital firms at the beginning of 2020, but most people were not interested - rollups and L2 were not on anyone’s radar, let along part of the Ethereum core roadmap. People had reservations for a variety of reasons

Though the support of some amazing angels, we raised a small amount of money and launched one of the first L2 order book exchanges with trustless CEX aggregation, aggregating source markets that trade hundreds of millions of dollars of volume each day

DeversiFi today has some of the deepest high-speed ETH, BTC and ASSY markets that you can access for as little as 0% fee, completely privately (validium) and without paying gas. For those who think that L2 isn't already here, it is for a number of use cases

L2 is new and difficult. Boundaries are being pushed all the time. Optimism is just around the corner, AMMs are here, L2 bridges are on the way. Before the end of this year, DeFi as you know it will change and a lot of people may find that they very rarely need to go back to L1

We (and all L2 projects) feel a great responsibility to the community and are working around the clock to launch more innovative products - AMM, fast withdrawals, simpler interfaces, L2 bridges, fiat gateways etc

Several of the DeversiFi team did not take salaries in 2020. It is our firm belief that Ethereum is the future of finance, and that L2 is a key part of that future, that drives us

BSC should not be dismissed - it is valid competition whether we like it or not. Some projects are exploring other options due to high gas prices and BSC looks tempting from the outside, even though it will have many of the same problems that Etheruem is experiencing right now

Mainstream users who are new to DeFi will not know the difference between BSC, Ethereum or any other chain, they will simply see an easy onboarding experience and low fees

It is up to us as a community to educate new users and drive the decentralised narrative forward for the reasons that we all know are so important (and becoming even more important in this changing world)

For our part, L2 is upping its game all the time. We need to work on on-boarding as many people as possible within the next few months to prevent longer term damage. High gas prices are here to stay - more than ever we now need to create an L2 ecosystem that works for everyone