Binance Welcomes More DEFI Projects Based On Ethereum

Changpeng Zhao who is serving as the Chief Executive Officer of Binance Smart Chain (BSC), has been reported to have said that he is looking forward to receiving more DeFi projects which are based on Ethereum.

Following up the DeFi projects frenzy which involves decentralized tokens, Binance’s CEO welcomed the projects becoming part of Binance’s system. While he was in conversation with another user, Mr. Zhao said that the current progress will help Ethereum to spare much needed time in an effort to reduce the load from the system, which is otherwise overburdened. He said that if this opportunity is not taken for granted and a progressive approach is adopted then it will help Ethereum to see a huge reduction in its gas prices.

The Chief Executive Officer of Binance however later on clarified his remarks in the media that he never agreed with the idea that Binance Smart Chain is a replacement to the network of Ethereum or that it is a competitor to Ethereum or a substitute. He stressed that at best Binance Smart Chain is a network that is totally different from Ethereum altogether and is used to provide better and multiple options to initiate smart contracts to its users at the expense of much cheaper fees compared with other networks. He categorically denied that the idea of replacing Ethereum had never occurred to Binance nor anyone from and within Binance has ever propagated this idea, which is nothing more than a lie.

However, according to reports, Zhao has been found making statements wherein he has compared Binance with Ethereum time and again. For example, in a recent statement, Zhao has been witnessed to state that Binance has been able to achieve 10% of Ethereum’s network in terms of transactional value.

Binance, which had been able to introduce its Smart Chain only a few days ago, wherein an investment worth US$ 100 Million was subsequently invested to promote project building within the Smart Chain, has successfully also included DeFi projects such as  BurgerSwap. According to reports in less than 24 hours, there have been various transactions being carried out under the BurgerSwap Project.

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