Binance CEO Changpeng Zhao (CZ) recently stated that the cryptocurrency industry needs more DEXs (decentralized exchanges). While he heads the world’s largest centralized exchange, Zhao believes decentralized platforms are just what the industry needs.
CZ pointed out that the current decentralized platforms such as PancakeSwap and Uniswap are still “too centralized” and that more options are needed.
“We need more DEXs. Pancake exchange has the most users. Uniswap owns most of TVL [valor total bloqueado]. This is still ‘too centralized’… (I know, imagine that’s coming from me.) We need more options”Zhao wrote.
CZ admitted that creating a hybrid cryptocurrency platform that combines the self-custody of DEXs with the liquidity and performance of binance or another centralized exchange would be “easier said than done” as blockchain technology currently lacks the necessary resources for the security of funds and transactions.
Decentralized exchanges are gaining acceptance
Recent pressure from regulators against centralized exchanges has caused DEX volume to rise steadily in 2023.
According to data from DeFiLlama, DEX trading volume is up nearly 100% year-to-date to $133 billion at the end of March.
DeFi platforms allow users to trade directly from their self-custodial wallet, relying on smart contract code to execute transactions.
Last November’s FTX meltdown was closely followed by a surge in DeFi trading volume and record sales for hardware wallet vendors like Ledger and Trezor.
Due to the increased volume, Uniswap outperformed the largest US exchange, Coinbase. Uniswap reported trading volume of $70 billion in March, up 45% from Coinbase’s $49 billion.
Meanwhile, according to data from IntoTheBlock, Binance has seen a 60% increase in bitcoin withdrawals over the past 30 days, with some days in March averaging over $400 million in net withdrawals.
According to CoinGlass, Binance currently owns 540,000 bitcoins, worth about $15 billion.
Source: Live Coins

Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.