Decentralized finance projects spark a battle between the founders of cryptocurrency exchanges… Details here
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Answer Decentralized finance projects spark a battle between the founders of cryptocurrency exchanges… Details here
Jay Hao, founder and CEO of cryptocurrency exchange OKEx, recently criticized Binance CEO Zhang Bang Zhao, after he got involved with the BakerySwap project and Binance launched the Binance Smart Chain.
what happened?
As followers of the crypto market know, a DeFi project inspired by Uniswap called SushiSwap was recently listed on Binance.
This move was not surprising at the time, as the project came out strong and achieved fame for a while.
But later the founder of the project “Shiv Nomi” announced his plan to withdraw SUSHI coins, which made many believe that this move was a fraud.
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Meanwhile, cryptocurrency exchange Binance, which hastened to list the coin in the face of its users’ outrage, ended up listing “suspicious coins” without checking it and its team well.
To continue the drama attacks Jay Howe, CEO of OKEx on Binance, its founder and CEO, after adding support for a suspicious project and trading its suspicious digital currency, and the talk here is related to the BAKE coin.
3/ I strongly condemn the irresponsible behavior of Binance that has harmed and caused the trust of the crypto community # Davy to undo.
Trust is hard to build but easy to destroy. In the interests of users and # encrypt Development, please stop these scams and #Builds Real # Davy.
– Jay Hao OKEx (@JayHao8) September 15, 2020
Binance finds itself in a difficult situation once again.
Jae Hao went further by pointing out that the “Binance Smart Chain” is a highly centralized network that is controlled by a single team.
Jay Howe also criticized the BakerySwap project, which was built on the “Binance Smart Chain” blockchain, which supposedly collapsed 12 hours after its launch, which led to many protests.
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Howe noted that the financial losses on Binance are caused by blind faith in Binance.
He specifically noted that the BakerySwap project and its digital currency BAKE, which collapsed very quickly.
1/ A reminder to be careful when farming on the Binance Smart Chain. Like I said, it’s only managed by one team and it’s not decentralized. built on # BSCAnd the #Bakery_Switch It caused huge losses to many retail investors less than 12 hours after the start of mining, which led to protests against BSC in China and elsewhere.
– Jay Hao OKEx (@JayHao8) September 15, 2020
Jay Hao concluded by mentioning that the “Binance Smart Chain” projects need to pass all kinds of security audits.
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As for the cryptocurrency SUSHI, it is worth noting that OKEx was eager to list it as did Binance, and that they did so on the same day (September 1, 2020).
The situation with DeFi is complicated:
This sector is advancing very quickly, and a lack of response means users may be lost.
On the other hand, a quick response means new users.
However, the rapid inclusion of modern and rapid currencies may lead to the project appearing fraudulent or fail, which raises widespread controversy about the listing process.
So finding the best way to list new cryptocurrencies remains very difficult for cryptocurrency exchanges.
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