The Binance Smart Chain has been a valid alternative for the DeFi world when Eth was very expensive and almost unusable. Now, due to the dump with the consequent lowering of Eth Gas costs, the development of so-called eth layer2, and the approaching of London update of Eth, the reason for the BSC to exist fades away. I mean, Binance was smart and fast in exploiting the situation at their own advantage and offering a concrete alternative and solution to problems that people was experiencing, but do not forget that the BSC is a centralized network, and it efficient simply due to the fact that there are no miners. Actually, there is one, which is Binance itself. It was useful until it lasted, but I believe that projects, interests and capital will (gradually) swicht to other netwotks.
XVS is a perfect example of this. Rapidly grew as the gem of the BSC environment, it reported a -80% from highs to lows, meaning that its success was mainly due to eth temporary shortcoming, and was, therefore, temporary indeed.