First Mover: Binance’s CZ Doesn’t Even Dispute That DeFi Might Be Inevitable
DeFi trading platforms like Uniswap, Curve and Balancer have appealed to cryptocurrency traders with their low cost and ease of use, and they’re now starting to steal a growing and no-longer-negligible share of market trading volumes from bigger, established exchanges like Binance, Coinbase, Huobi and OKEx. Huobi, a Chinese-led cryptocurrency exchange based in Seychelles, announced Tuesday it is adding 10 new members to its DeFi initiative, described as “a consortium of centralized and decentralized financial services providers.”.
And last week, Binance, the world’s biggest cryptocurrency exchange, announced an integration of its centralized trading platform with its decentralized public blockchain, Binance Smart Chain (BSC). Bitcoin balances on all exchanges, past month.Source: Glassnode Charts of bitcoin held at big exchanges show declining balances over the past several weeks, and Simon Chen of the Hong Kong-based crypto trading firm Babel Finance says one likely explanation is that some of the cryptocurrency is getting transferred to DeFi.
