1) Binance Smart Chain (BSC) provides lower transaction fees and higher throughput than Ethereum, allowing applications like PancakeSwap to attract retail traders. 2) While BSC is not as decentralized as Ethereum, it provides a good enough platform for activities like yield farming and trading that value low costs over absolute decentralization. 3) For applications and developers, BSC acts as a useful API or interface to access the large Binance userbase without needing to build on Binance's platform directly. However, other layer 1 and 2 solutions will need to emphasize benefits like decentralization and immutability to compete.