Battle of the DEXes on BNB Chain: Binance CEO CZ Says More Is Better
DeFi users need more DEX options in addition to PancakeSwap and Uniswap, Binance CEO CZ said.
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 🔶 Binance (@cz_binance) April 5, 2023
PancakeSwap v3 Now Live on BNB Chain, Ethereum https://t.co/tARoeCCr4m
“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.
yes, DEX do get hacked too, code exploits, etc.
— CZ 🔶 Binance (@cz_binance) April 5, 2023
Responding to another follower, CZ said it’s easier to use a DEX if you know how to secure your wallet.
Yeah, DEXs are easier to use if you know how to keep your wallet secure.
— CZ 🔶 Binance (@cz_binance) April 5, 2023
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:
- PancakeSwap – $3.4 billion
- BiSwap – $257 million
- Thena – $92 million
- BabyDogeSwap – $70 million
- Wombat Exchange – $54 million
- MDEX – $31 million
- ApeSwap – $29 million
- W3swap – $25 million
- iziSwap – $23 million
- Ellipsis Finance – $23 million
In terms of weekly volume, the top 10 DEXes on BNB Chain are:
- PancakeSwap – $1.3 billion
- Level Finance – $194 million
- DODO – $77 million
- Wombat Exchange – $63 million
- BiSwap – $57 million
- Uniswap – $56 million
- Thena – $54 million
- WOOFi – $24 million
- Hashflow – $10 million
- Bogged Finance – $8 million.
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.
Where to find Binance:
Website | Twitter | Discord | Telegram |
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.
Find more about BNB Chain here:
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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Related News
Prisma Finance Reportedly Hit by $9M Hack: What to Know
Prisma Finance paused its protocol operations for investigation and advised vault owners to disable delegate approval.
Reports have emerged indicating that DeFi platform Prisma Finance, fell victim to a hacking attack amounting to approximately $9 million. Cyvers, a web3 security platform, raised the alert after it detected suspicious transactions linked to the breach.
🚨UPDATE🚨Our system has detected multiple suspicious transactions with @PrismaFi and still ongoing!
— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) March 28, 2024
Total loss so far is around $9M. Attacker has funded by @FixedFloat!
Our system has detected the malicious contract 2 min earlier than hack transactions!👇
Our system would… https://t.co/9myoV8DL22 pic.twitter.com/SxT5yYZy7U
Initial estimates suggest a loss of $9 million, with the attacker reportedly utilizing funds from the crypto exchange FixedFloat.
Backing up Cyvers' findings, blockchain security firm PeckShield has confirmed the attack, providing details on the assets targeted by the hacker. Among the stolen assets are Prisma mkUSD and wrapped stETH.
In response to the breach, Prisma Finance issued a statement on X acknowledging the potential exploit. The project reportedly halted its protocol operations to conduct a thorough investigation into the incident.
Additionally, Prisma Finance advised vault owners to disable delegate approval as a precautionary measure.
We are aware of a possible exploit on Prisma.
— Prisma Finance (@PrismaFi) March 28, 2024
Core engineering contributors will pause the protocol and investigate.
We'll share an update and a post-mortem.
From DeFi Future to Security Concerns
Prisma Finance was initially hailed as the future of decentralized finance (DeFi), offering solutions in the form of a new LSTFi protocol. It enabled users to mint a fully collateralized non-custodial and decentralized stablecoin, mkUSD, using Ethereum liquid staking tokens (LSTs) as collateral.
However, the recent exploit paints a stark contrast to the platform's previous reputation, raising concerns regarding cybersecurity in the DeFi space.
Rising Trends in Crypto Hacks
The hack on Prisma Finance adds to a concerning trend in the cryptocurrency space. According to a Feb. 29 report by blockchain security firm Immunefi, over $200 million worth of cryptocurrency was lost to hacks and rug pulls last February, across 32 individual incidents.
This represents a 15.4% increase compared to the same period in 2023. Ethereum remains the most targeted blockchain, with 12 attacks accounting for over 85% of the total value lost in February.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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