First Digital USD

<![CDATA[<figure class="image"><img src="https://cimg.co/news/124050/327680/snapshot-min-media-librar.jpeg" srcset="https://cimg.co/news/124050/327680/responsive-images/snapshot-min-media-librar___media_library_original_1618_1079.jpeg 1618w, https://cimg.co/news/124050/327680/responsive-images/snapshot-min-media-librar___media_library_original_1200_800.jpeg 1200w, https://cimg.co/news/124050/327680/responsive-images/snapshot-min-media-librar___media_library_original_900_600.jpeg 900w, https://cimg.co/news/124050/327680/responsive-images/snapshot-min-media-librar___media_library_original_720_480.jpeg 720w, https://cimg.co/news/124050/327680/responsive-images/snapshot-min-media-librar___media_library_original_600_400.jpeg 600w, https://cimg.co/news/124050/327680/responsive-images/snapshot-min-media-librar___media_library_original_300_200.jpeg 300w" width="1618" class="content-img" alt=""><figcaption>Source: A video screenshot, Youtube/Entrepreneur ME</figcaption></figure><a href="https://cryptonews.com/reviews/binance/">Binance</a>&nbsp;CEO&nbsp;Changpeng Zhao&nbsp;believes decentralized finance (DeFi) can outshine centralized finance (CeFi) during the upcoming bull run.&nbsp;On September 1, the crypto boss hosted a live X Spaces event, during which he expressed his belief that DeFi has the potential to surpass CeFi in terms of trading volumes.&nbsp;&ldquo;I think the more decentralized the industry becomes, the better,&rdquo; Zhao said, suggesting that it may not be long before DeFi overtakes CeFi trading volumes, as it currently stands at around 5% to 10% of CeFi volumes.&nbsp;&ldquo;DeFi is the future; the volume is somewhere between 5% to 10% of CeFi volumes, which is not small right [...] the next bull run may very well make DeFi bigger than CeFi.&ldquo;<figure class="media"><oembed url="https://twitter.com/cz_binance/status/1697551818048610601?s=20"></oembed></figure>The prediction aligns with recent developments in the cryptocurrency market.&nbsp;Following legal actions by the United States Securities and Exchange Commission (SEC) against major centralized exchanges&nbsp;<a href="https://cryptonews.com/reviews/coinbase/">Coinbase</a>&nbsp;and Binance, the trading volume of the top three decentralized exchanges (DEXs) increased by 444% in 48 hours.&nbsp;The current 24-hour trading volume on DEXs stands at $722,776,226.Zhao also commented on the recent dismissal of a class-action lawsuit against decentralized protocol Uniswap.&nbsp;He described it as a positive and logical decision, emphasizing the importance of regulatory clarity.&nbsp;As&nbsp;<a href="https://cryptonews.com/news/uniswap-class-action-dismissed-in-landmark-rulingfor-defi.htm">reported</a>, on August 30, the judge presiding over the case said he found no grounds to proceed with the lawsuit against Uniswap.&nbsp;The verdict arrived after an&nbsp;<a href="https://www.classaction.org/media/risley-v-universal-navigation-inc-et-al.pdf">extended legal process leading back to April 2021</a>&nbsp;that scrutinized the specifics of Uniswap's operations and their alignment with financial regulations.<h2 id="developers-cannot-be-held-reliable-for-misuse-of-defi-projects">Developers Cannot be Held Reliable for Misuse of DeFi Projects</h2>During the X Spaces session, a user mentioned a judge's decision stating that developers cannot be held liable for the misuse of DeFi platforms.&nbsp;Zhao echoed this sentiment, stating that the protection of developers is a positive development for the industry. He emphasized that writing code is a form of free speech and should be protected.&ldquo;Developers writing code, that code is free speech. So the development is really good,&rdquo; CZ stated.Recent data indicates a shift in investment patterns, with venture capitalists reallocating funds from CeFi projects to invest in the growing DeFi sector.&nbsp;A March&nbsp;<a href="https://www.coingecko.com/research/publications/crypto-funding-by-sector">report from CoinGecko</a>&nbsp;highlighted that digital asset investment firms invested $2.7 billion in DeFi projects in 2022, marking a 190% increase compared to 2021.In contrast, investments in CeFi projects decreased by 73% to $4.3 billion during the same period.&nbsp;The report suggests that DeFi is emerging as the new high-growth area in the crypto industry, while CeFi may have reached a saturation point.Meanwhile, Binance has&nbsp;<a href="https://cryptonews.com/news/binance-drop-support-for-busd-stablecoin-by-2024.htm">recently told users</a>&nbsp;to convert their&nbsp;<a href="https://cryptonews.com/coins/busd/">Binance USD (BUSD)</a>&nbsp;tokens to other stablecoins before February 2024.The exchange encouraged users to trade or convert their BUSD balances for First Digital USD (FDUSD) &mdash; a stablecoin launched in June by the Hong Kong-based trust company First Digital Group which had its debut listing on Binance.It is worth noting that the market cap of BUSD has taken a hard hit following the regulatory clampdown.&nbsp;Since the start of the year, BUSD's market cap has plummeted by over 80%, dropping from $16.13 billion on February 9 to its current value of $3.1 billion.
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Binance CEO CZ Predicts DeFi to Outshine CeFi in Upcoming Bull Run

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