The Binance CEO, Changpeng Zhao welcomed more Ethereum-based DeFi projects to join the Binance Smart Chain (BSC) platform.
In a discussion by Tweet with another user, Zhao explained that This move would reduce the load on the Ethereum network, which in turn would lead to a reduction in Ethereum gas fees.
Zhao then emphasized that Binance Smart Chain is not a replacement or competitor to the Ethereum network and is compatible with it. Zhao added that Binance Smart Chain gives smart contract makers more options:
“BSC never wanted to replace ETH, BSC is simply ETH-compliant. Intelligent projects offer their users more options. Cheaper tariff options.”
Zhao concluded his comments by stating that the transaction volume of his Binance Smart Chain reached 10% of the Ethereum network a few days ago.
Binance launched the Binance Smart Chain platform on September 1st, and its CEO announced a few days ago the launch of a USD 100 million mutual fund for projects based on the Smart Chain.
Meanwhile in one Tweet Separately, Zhao spoke of Binance’s decision to add the latest DeFi projects, despite the company mocking SushiSwap’s listing.. Binance Smart Chain is now hosting BurgerSwap, the latest DeFi project that recorded a large number of transactions in just 24 hours.
“In the past, I have generally tried not to comment on certain projects or currencies. In the future I’ll tweet more about projects on #BinanceSmartChain. They are not endorsements. Rather, it is a way of promoting the community, ”Zhao said.
Added that most DeFi projects fail, but he also noted:
“While some offer short-term gains, they also come with very high risks. Don’t invest money that you can’t lose. “