OKEx CEO Jay Hao called out Binance and its CEO Changpeng Zhao for his or her current assist of sure DeFi initiatives. He additionally claimed that Binance Good Chain, or BSC, is very centralized, noting that it’s wholly managed by a single group. In keeping with Hao, BakerySwap, constructed on BSC, collapsed after solely 12 hours, resulting in protests in China and elsewhere:
Right now’s thread follows up on a collection of tweets from September 15, wherein the OKEx CEO condemned Zhao and his fellow Binance co-founder, Yi He, for his or her platform’s hasty SUSHI itemizing. Hao criticized Binance’s “irresponsible conduct which broken the crypto group’s belief and triggered #DeFi to regress.” He added in one other tweet:
“These monetary losses are a results of blind belief in #Binance. Regardless of @heyibinance’s claims that initiatives on BSC should move all safety audits, $BAKE nonetheless plunged main @cz_binance to delete his BakerySwap endorsement tweet ytd similar to he did with #SushiSwap beforehand.”
It must be famous that OKEx listed SUSHI on the identical day as Binance — September 1.
The current success of decentralized exchanges like Uniswap has positioned centralized exchanges between a rock and a tough place. They need to select to both act too conservatively by not itemizing trending DeFi tokens, and presumably lose customers to DEXs — or leap on the bandwagon too quickly, and threat itemizing questionable tokens that go on to trigger devastation to the crypto ecosystem.
Representatives from Binance selected to not remark for this story.