binance logo

Binance CEO Wishes More Defi-Based Ethereum Projects to Join His Platform

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

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

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

“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 remarks by revealing that a few days ago his Binance Smart Chain transaction volume recently reached 10% of Ethereum’s network.

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

Meanwhile, Zhao spoke in a separate tweet about Binance’s decision to add the latest DeFi projects even as SushiSwap was listed by the company as a flack. Binance Smart Chain now hosts the latest DeFi project, BurgerSwap, which saw a large number of transactions in just 24 hours time.

“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.”