Binance CEO CZ Predicts DeFi's Rise, DEX Trading Volume Surges, Uniswap Lawsuit Dismissed, and Importance of Cryptocurrency Adoption
Summary:
Binance CEO predicts DeFi may surpass CeFi in the next bull run; decentralized exchanges experience significant trading volume surge following SEC actions; Uniswap lawsuit dismissed; CZ emphasizes importance of cryptocurrency adoption for all countries.
Decentralized finance (DeFi) could potentially surpass centralized finance (CeFi) during the next bull market, according to Binance CEO Changpeng "CZ" Zhao. Speaking during a live X Spaces session titled CZ AMA on September 1, CZ expressed his belief in the future of DeFi, stating that increased decentralization is beneficial and suggesting that it may soon claim the top spot in the financial industry. In June, the trading volume on the top three decentralized exchanges (DEX) witnessed a significant surge of 444% within just 48 hours following legal actions taken by the United States Securities and Exchange Commission (SEC) against Coinbase and Binance. At present, DEX's 24-hour trading volume stands at $722,776,226. CZ also commented on the recent dismissal of a lawsuit against Uniswap, expressing his support for the decision. On August 30, a US federal court rejected a class-action lawsuit brought against Uniswap and its CEO, foundation, and venture capital backers. The lawsuit alleged financial losses due to fraudulent tokens on the decentralized exchange. The judge dismissed the case because neither side could identify the scammers, highlighting the importance of targeting the scammers for illegal activities instead of holding the platform developers liable for what is said on social media. CZ further emphasized the importance of cryptocurrency adoption, suggesting that every country should embrace it, with some nations requiring it more urgently than others. He added that developed countries should not overlook cryptocurrencies, as they risk falling behind in terms of financial innovation.
Published At
9/3/2023 6:23:25 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.