Binance CEO Forecasts DeFi to Surpass CeFi in Next Bull Run
Binance CEO Changpeng Zhao foresees DeFi outpacing CeFi in the next bull run, while the Bank for International Settlements remains skeptical. Stay updated with the latest developments in the DeFi ecosystem.
Posted 2 months ago in DeFi and CeFi
Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights - a newsletter crafted to bring you the most significant developments from the past week. The past week in the DeFi ecosystem was filled with ups and downs, from the United States Commodity Futures Trading Commission's (CFTC) investigation into multiple DeFi protocols to Binance CEO Changpeng 'CZ' Zhao's forecast that DeFi would outgrow centralized finance (CeFi) in the next bull run.
While CZ anticipates a bright future for DeFi, a report from the Bank for International Settlements (BIS) argues that a pure form of DeFi cannot survive independently and has little use case in the real world. The Shiba Inu ecosystem's layer-2 network, Shibarium, has continued its rapid growth post-relaunch, with over one million wallets created; however, its progress has yet to impact the price of the Shiba Inu (SHIB) token.
The top 100 DeFi tokens had a late Friday surge, with most of the tokens posting positive weekly gains. Binance CEO Changpeng Zhao predicts that DeFi has the potential to surpass centralized CeFi in the next bull run. During a Sept. 1 live X (formerly Twitter) Spaces, titled CZ AMA, Zhao shared his thoughts on the future of DeFi.
'I think the more decentralized the industry becomes, the better,' he declared, adding that it may not be long before it takes over CeFi trading volumes. The U.S. CFTC is taking regulatory action against three DeFi protocols, Opyn, ZeroEx, and Deridex. The need for an oracle in DeFi is a major impediment to adoption in the real world, according to the authors of a Bank for International Settlements bulletin. Crypto exchange Binance is refunding users $1 million of Tether (USDT) over its handling of the CyberConnect (CYBER) token incident.
The total number of wallets on Shiba Inu's newly launched layer-2 network, Shibarium, has surpassed the one million mark in a meteoric rise since its relaunch. Data from Cointelegraph Markets Pro and TradingView shows that DeFi's top 100 tokens by market capitalization had a late bullish surge, with most tokens trading in the green on the weekly charts. Thanks for reading our summary of this week's most impactful DeFi developments.
Last updated 9/9/2023, 2:59:08 AM
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