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

Published

4 Monaten ago

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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.”





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Ethereum

Bitcoin price rally cools down as Polkadot gains 34% in first week of ‘altseason’

Published

11 Stunden ago

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Dezember 29, 2020

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Bitcoin (BTC) fell below $26,000 on Dec. 29 as fresh fallout from Ripple’s threatened U.S. lawsuit was felt throughout crypto markets.

Cryptocurrency market overview. Source: Coin360

BTC price dips as Coinbase halts XRP trading

Data from Cointelegraph Markets, Coin360 and TradingView showed BTC/USD hitting lows of $25,830 during Tuesday trading.

$27,000 support failed to hold overnight, sparking a retest of lower levels which now center on $26,000. At the weekend, Bitcoin hit all-time highs of $28,400 before swiftly reversing.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

The latest losses come as XRP, the fourth-largest cryptocurrency by market cap, hits $0.23 thanks to major U.S. exchange Coinbase opting to suspend trading from next month. The reason is a lawsuit from the U.S. Securities and Exchange Commission (SEC), which threatens to classify XRP as an unlicensed security and make trading it all but impossible.

“There is going to be a rangebound construction, after which 2021 will most likely break out again,” Cointelegraph Markets analyst Michaël van de Poppe summarized about Bitcoin’s short-term perspectives in a video update on Monday.