Binance CEO Changpeng Zhao welcomed more Ethereum-based DeFi projects to join the Binance Smart Chain (BSC) platform. 

In a tweet
discussion with another user, Zhao explained that this step would
reduce the load on the Ethereum network, which will, in turn, lead to a
reduction in Ethereum's gas fees. 

Zhao later stressed that
Binance Smart Chain is not a replacement or competitor to the Ethereum
network and that it is compatible with it. Zhao added that Binance Smart
Chain provides the smart contract creators with more options:


"BSC
never aimed to replace ETH, BSC is just ETH-compatible. Smart projects
are giving their users more options. Option for cheaper fees."

Zhao
concluded his comments by revealing that his Binance Smart Chain
transaction volume recently reached 10% of Ethereum's network a few days
ago.

Binance launched the Binance Smart Chain platform on September 1, and its CEO announced the launch of a $ 100 million investment fund devoted to projects building on the Smart Chain a few days ago.

Meanwhile, in a separate tweet,
Zhao talked about Binance’s decision to add the latest DeFi projects
even as the company took flack for listing SushiSwap. Binance Smart
Chain now hosts BurgerSwap, the latest DeFi project that saw a large number of transactions in just 24 hours. 

“In
the past, I have generally tried not to comment on specific projects or
coins. Going forward, I will be tweeting more about projects on
#BinanceSmartChain. They are not endorsements. Rather just a way to
promote the community,” Zhao said. 

He added that most DeFi projects fail but also noted:


“Some may offer short term gains, but they come with super high risks too. Don't invest money that you can't lose.”