CZ Wants More Competition Among DEXes

Sometimes, less is more. But not when it comes to users’ choices of Decentralized Exchanges (DEXes), according to Binance CEO Changpeng Zhao (CZ).

Commenting on a BSC News story on the launch of PancakeSwap v3 on BNB Chain and Ethereum, CZ said users should have more options beyond longtime dominant DEX PancakeSwap and crypto juggernaut Uniswap, which recently entered the BNB ecosystem.

“We need more DEXs. Pancake has most of the users. Uni has most of the TVL. That's still "too centralized"... (I know, imagine that coming from me. 😂)  Need more options,” CZ tweeted.

Binance, of course, is the largest Centralized Exchange in the world. In theory, DEXes that become popular on BNB Chain, which Binance developed, pose a competitive threat to CZ’s company.

However, CZ has long been a vocal proponent of Decentralized Finance (DeFi), and as recently as November said Binance doesn’t need its Centralized Exchange in order to succeed.

"If everybody withdrew their funds from the Centralized Exchange, we'll just shut down the Centralized Exchange. We have many other profitable businesses. So it's fine," CZ said.

In the ensuing Twitter thread on his recent post, CZ replied to a follower who said he sticks to known DEXes like PancakeSwap because of the risks associated with new protocols. CZ acknowledged that DEXes can get hacked or suffer exploits.

Responding to another follower, CZ said it’s easier to use a DEX if you know how to secure your wallet.

Right now, BNB Chain has nearly 50 DEXes with more than $1 million in Total Value Locked (TVL), according to DefiLlama, and nearly 20 DEXes with more than $1 million in exchange volume in the past week.

In terms of TVL, the top 10 DEXes on BNB Chain are:

1. PancakeSwap – $3.4 billion
2. BiSwap – $257 million
3. Thena – $92 million
4. BabyDogeSwap – $70 million
5. Wombat Exchange – $54 million
6. MDEX – $31 million
7. ApeSwap – $29 million
8. W3swap – $25 million
9. iziSwap – $23 million
10. Ellipsis Finance – $23 million

In terms of weekly volume, the top 10 DEXes on BNB Chain are:

1. PancakeSwap – $1.3 billion
2. Level Finance – $194 million
3. DODO – $77 million
4. Wombat Exchange – $63 million
5. BiSwap – $57 million
6. Uniswap – $56 million
7. Thena – $54 million
8. WOOFi – $24 million
9. Hashflow – $10 million
10. Bogged Finance – $8 million.

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What is Binance:

Binance positions itself as the world’s leading blockchain ecosystem and crypto-asset infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. The Binance platform aims to increase the freedom of money for users and features a comprehensive portfolio of crypto-asset products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization, and infrastructure solutions.

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Where to find Binance:

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What is BNB Chain:

Previously known as the Binance Smart Chain (BSC), BNB Chain is a community-driven, decentralized, and censorship-resistant blockchain that is powered by Binance. It consists of BNB Beacon Chain and BNB Smart Chain, EVM compatible and facilitating a multi-chain ecosystem. Through the concept of MetaFI, BNB Chain aims to build the infrastructure to power the world’s parallel virtual ecosystem.

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Find more about BNB Chain here:

Website | Twitter | Discord | Telegram | GitHub |