DeFi Investors Flee BNB Chain – What's Going On?#crypto#Binance
$BNB As regulators around the world monitor Binance and other crypto-centric financial services (CeFi) providers, BNB Chain (formerly Binance Smart Chain) has seen an influx of nearly $2 billion from the Defi ecosystem by 2023. Interestingly, Changpeng Zhao (CZ), Binance CEO, predicted DeFi will outperform CeFi in the next bull run. The Binance CEO's prediction was made during an AMA session on X Space on September 3, where CZ spoke about the challenges his company is facing as well as other legal issues related to the platform DeFi.
However, the numbers regarding CZ's BNB native token holdings could pose further challenges to the billionaire's vision for the cryptocurrency market and Binance's success. Data from DefiLlama on October 7, shows a loss of $1.85 billion in BNB Chain's total value locked (TVL) year-to-date. TVl has decreased from $4.65 billion on January 1, 2023 to approximately $2.8 billion TVL at the time of writing.
$BNB As regulators around the world monitor Binance and other crypto-centric financial services (CeFi) providers, BNB Chain (formerly Binance Smart Chain) has seen an influx of nearly $2 billion from the Defi ecosystem by 2023. Interestingly, Changpeng Zhao (CZ), Binance CEO, predicted DeFi will outperform CeFi in the next bull run. The Binance CEO's prediction was made during an AMA session on X Space on September 3, where CZ spoke about the challenges his company is facing as well as other legal issues related to the platform DeFi.
However, the numbers regarding CZ's BNB native token holdings could pose further challenges to the billionaire's vision for the cryptocurrency market and Binance's success. Data from DefiLlama on October 7, shows a loss of $1.85 billion in BNB Chain's total value locked (TVL) year-to-date. TVl has decreased from $4.65 billion on January 1, 2023 to approximately $2.8 billion TVL at the time of writing.
