Changpeng Zhao, CEO of Binance who is also known as CZ Binance just took over his twitter to give a bold invitation to the community. According to his tweet, he has welcomed Ethereum-based Defi projects to join the Smart Chain platform of the firm which is also called BSC platform.
CZ tweeted this on September 13 by saying that by adding more Ethereum-based Defi projects, there will be a reduction on the load of the Ethereum network. There will be a reduction in the gas fees of Ethereum.
Of course, love to see moe DeFi projects migrating over, and lessen the load on ETH, and hopefully, reduce the gas fees there a little too.
— CZ Binance (@cz_binance) September 13, 2020
CZ claims that BSC is not a competitor to Ethereum
CZ has also mentioned that Binance Smart Chain platform is not any kind of replacement or competitor to Ethereum network. In fact. BSC is completely compatible with the Ethereum network. He has said that BSC platform provides the smart contract creators with a lot of options. One of the main features that this platform provides the smart contract creators is a cheaper fee.
By the end of his tweets, CZ has said that the transaction volume of BSC has also reached 10% of the Ethereum network.
Launch of a $100M investment fund also announced
BSC platform by Binance was launched by the firm on September 01 and recently it has also launched a $100 million investment fund which will help to develop the projects on BSC platform. CZ has also mentioned the decision of his firm to add the latest Defi projects. The firm has recently added the BurgerSwap which has seen a huge number of transactions within 24 hours only.
CZ has said, “In the past, I have generally tried not to comment on specific projects or coins. Going forward, I will be tweeting more about projects on #BinanceSmartChain. They are not endorsements. Rather just a way to promote the community.” He has also mentioned that a lot of Defi projects has also seen a huge failure as well.