Binance CEO wants more Ethereum-based DeFi projects to join his platform

Published at: Sept. 13, 2020

Binance CEO Changpeng Zhao welcomed more Ethereum-based DeFi projects to join the Binance Smart Chain (BSC) platform. 

In a tweet discussion with another user, Zhao explained that this step would reduce the load on the Ethereum network, which will, in turn, lead to a reduction in Ethereum's gas fees. 

Zhao later stressed that Binance Smart Chain is not a replacement or competitor to the Ethereum network and that it is compatible with it. Zhao added that Binance Smart Chain provides the smart contract creators with more options:

"BSC never aimed to replace ETH, BSC is just ETH-compatible. Smart projects are giving their users more options. Option for cheaper fees."

Zhao concluded his comments by revealing that his Binance Smart Chain transaction volume recently reached 10% of Ethereum's network a few days ago.

Binance launched the Binance Smart Chain platform on September 1, and its CEO announced the launch of a $ 100 million investment fund devoted to projects building on the Smart Chain a few days ago.

Meanwhile, in a separate tweet, Zhao talked about Binance’s decision to add the latest DeFi projects even as the company took flack for listing SushiSwap. Binance Smart Chain now hosts BurgerSwap, the latest DeFi project that saw a large number of transactions in just 24 hours. 

“In the past, I have generally tried not to comment on specific projects or coins. Going forward, I will be tweeting more about projects on #BinanceSmartChain. They are not endorsements. Rather just a way to promote the community,” Zhao said. 

He added that most DeFi projects fail but also noted:

“Some may offer short term gains, but they come with super high risks too. Don't invest money that you can't lose.”

Tags
Ethereum
Defi
Binance
Related Posts
3 reasons why Ethereum price is still on track to top $2,000
After dropping 27% over three days, Ether (ETH) price finally reached a bottom at $1,040 on Jan. 22. The sharp correction liquidated $600 billion worth of future contracts but interestingly, Ether price rebounded to a new all-time high even as Bitcoin price continues to trade in a slight downtrend. According to Cointelegraph, the increasing TVL and transaction volumes of the decentralized finance sector are behind Ether’s impressive surge. To determine whether the recent pump reflects a potential local top, we’ll take a closer look at on-chain flows and derivatives data. Exchange withdrawals point to whale accumulation Increasing withdrawals from exchanges …
Markets / Jan. 25, 2021
Too little, too late? Ethereum losing DeFi ground to rival blockchains
2021 has been a great year for Bitcoin (BTC) and crypto in general. However, Ethereum and the decentralized finance, or DeFi, sector have outshined other niches of the cryptocurrency space, dazzling the community with enormous growth in terms of popularity, engagement and sheer volume, with the total value locked currently sitting at around $56 billion, according to DappRadar. The nonfungible token, or NFT, space is also seeing unprecedented growth. Many believe 2021 is shaping up to be the year of NFTs. However, DeFi continues to thrive, especially on the Ethereum blockchain where developer and user activity surpasses that of any …
Technology / March 11, 2021
Here are 6 DEX tokens that have seen exponential growth in 2021
DeFi has steadily grown in prominence over the past year thanks in large part to the strong foundations established by decentralized exchanges (DEX) that enable easy access to the latest tokens and projects. While there have been previous iterations of DEX user interfaces, such as IDEX or Etherdelta, it wasn’t until Uniswap launched that trading in the DeFi network really took off and facilitated the launch of the finance tokens. Here are six of the top-performing tokens in the decentralized finance sector. UNI/USDT Uniswap has risen from the humble beginnings of a simple user interface that allowed for a token …
Markets / Feb. 27, 2021
Hyperdeflationary token reDeFines decentralized finance with a solution to preserve people’s wealth
Inflation was once seen as transitory as the United States economy moved from dealing with a pandemic to more normal operations. Unfortunately, rather than lift, inflation has not alleviated in the slightest as many citizens have seen a hike in the prices of food, toiletries and other necessities, with wages that have not risen to match. Many economists have since recognized that inflation may persist long into the new year. Inflation itself is to be a product of the world bracing for an economic downturn, only to be met with a quick recovery led by increases in government spending. Businesses …
Ethereum / Nov. 16, 2021
3 reasons why Cosmos (ATOM) price is near a new all-time high
Blockchain network interoperability is shaping up to be one of the main themes for the cryptocurrency ecosystem in 2022. New users are continuing to onboard into the growing world of crypto while both new and established projects search for the chain that will best serve the needs of their protocol and community. One project that has 2022 off to a bullish start thanks to its focus on facilitating the communication between separate networks is Cosmos (ATOM). This project bills itself as “the internet of blockchains” and seeks to facilitate the development of an interconnected decentralized economy. Data from Cointelegraph Markets …
Decentralization / Jan. 5, 2022