Changpeng Zhao, the founder and Chief Executive Officer of Binance cryptocurrency exchange has noted that the trading platform had little to do with the emergence of the acclaimed Ethereum killer, the Binance Smart Chain (BSC).
Taking to his Twitter handle, the Binance boss, also popularly known as CZ admitted that he first learned about the BSC first in an official blog post from the Exchange, but nonetheless, people still want to give him credit for the decentralized blockchain network.
In the decentralized finance (DeFi) ecosystem today, the Binance Smart Chain has been providing a scalable framework for new DeFi smart contracts or DApps to build, giving the major alternative to Ethereum whose skyrocketing gas fees is making DeFi highly unattractive. According to CZ, the exchange provided a very easy-to-use bridge for the Binance Smart Chain, offering it an ecosystem with a large and crypto-centric user base.
In the early days of the BSC network, CZ acknowledged that Binance provided the necessary funding to help the project scale and that he was often involved in shilling the innovative project, to the point that people could not accept the original idea was not his. The team behind the BSC was also responsible for creating the “bscscan” platform, a system through which transactions on the BSC network can be monitored or verified.
BSC and its DeFi Potentials
The Binance Smart Chain Network comes with a lot of potentials, using the already prominent Binance Coin (BNB) as the native cryptocurrency. With transaction fees are as low as 1 cent, the BSC has given DeFi a whole new facelift, with projects already running on the Ethereum Network migrating or integrating with the BSC network to offer a diverse set of alternatives.
The impressive strides of the BSC became prominent when it surpassed the Ethereum Network back in March for the total number of unique active wallets and transaction volume
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