Binance CEO CZ forecasts DeFi outgrowing CeFi in the next bull run
Binance CEO Changpeng “CZ” Zhao forecasts that Decentralized Finance (DeFi) has the potential to surpass Centralized Finance (CeFi) in the next bull run.
In an Sept 1 live X Spaces (formerly Twitter Spaces), titled CZ AMA, CZ stated his predictions for the future of DeFi. “I think the more decentralized the industry becomes the better,” he declares, adding that it might not be long before it takes the top spot:
On June 9, Cointelegraph reported that following the United States Securities and Exchange Commission (SEC) legal action against centralized exchanges Coinbase and Binance, the median trading volume on the top three decentralized exchanges (DEX) surged by 444% within a 48-hour span. At the time of publication, the 24-hour trading volume on DEX's is $722,776,226.
CZ also shared his perspective on the recent dismissal of the lawsuit against the decentralized protocol Uniswap. “I agree with the uniswap thing was extremely positive, extremely reasonable and logical and clear. That is very good," he declared.
On Aug. 30, a US federal court dismissed a class action lawsuit against Uniswap, and its CEO, foundation and venture capital backers, brought by plaintiffs who claimed they lost money due to scam tokens on the decentralized cryptocurrency exchange.
Related: Balancer protocol exploited for $900K as DeFi hacks mount: Finance Redefined
The judge rejected the case because neither side could identify the scammers. Instead of suing the scammers for illegal solicitation, the plaintiffs were suing the defendants for what they said on social media.
During the Spaces, someone recalled the judge's decision that developers cannot be liable for misuse of their platform which he believes is positive news for DeFi builders in the
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