Binance CEO CZ Wants More DeFi Projects on Smart Chain

2020-9-15 19:30

Coinspeaker
Binance CEO CZ Wants More DeFi Projects on Smart Chain

The CEO of Binance Changpeng Zhao wants more smart contract projects to move to the Binance Smart Chain platform. This can be deduced from a tweet made by the man fondly known as CZ within the crypto circle. He made the tweet while discussing with another user, adding that the Binance chain is not really a competitor but could reduce the load on the Ethereum network.

Ethereum gas price has soared in recent weeks as the platform has continued to be the favorite of smart contract developers. CZ noted:

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

Apparently, to justify his stance on the suitability of the Binance chain for projects, CZ stated that the platform recently attained the milestone of 10% of Ethereum volume in terms of usage. The Binance smart contract platform called the Binance Smart Chain was launched on September 1. The platform also announced a $100 million funding for projects that would be built on the platform.

Obviously, the Binance team is interested in DeFi projects which have continued to grow in popularity. Recently, the platform listed BurgerSwap which pulled thousands of investors at launch, almost reminiscent of the Ethereum hosted CryptoKitties.

CZ said that he avoids commenting on specific projects to avoid passing the wrong impression that they have been endorsed by Binance. He said that going forward, that would change as the CEO seems determined to promote projects built on the BSC.

Commenting on DeFi projects, he wrote:

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

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Binance CEO CZ Wants More DeFi Projects on Smart Chain

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