On April 24, Gifto announced that it’s moving house from Ethereum to Binance Chain. In doing so, it joins half a dozen other projects that have recently committed to the most talked about new blockchain in town. Blockchain migration can occur for a number of reasons, but beyond providing an instant shot of publicity, does making the move yield any long-term benefits?
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Tokenized Projects Can’t Stop Chain Hopping
“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,” reads the blog post released today by the South Korean gifting protocol. “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.”
Gifto’s reasons for moving to a faster and more payment-centric chain make sense given…