Binance to list DeFi tokens following Coinbase

By: Ben Gabriel
Ben Gabriel
Ben is a cryptocurrency journalist, simple. He's also a technology and cryptocurrency geek having enjoyed immersing himself in the… read more.
on Sep 13, 2020
Updated: Sep 14, 2020
  • The biggest cryptocurrency exchange, Binance is set to list DeFi oriented tokens following Coinbase
  • The hype around DeFi bubble continues to mount, in fact, many believe it will pop up sooner than we expect.
  • launches a DeFi exchange backed by Uniswap.

Ever since the news regarding the listing of yEarn.Finance on Coinbase Pro came out, other big exchanges have been outlining strategies to enlist DeFi tokens.

Crypto-exchanges with reputable and tight selection laws are now clamping on to Decentralised Finances. There is no doubt about the potential that this industry holds. In fact, its growth is one major factor behind the uptrend in the crypto-market as well.

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As for Binance, the details about the official listing date and which token will they enlist is not yet revealed. Binance through its official Twitter account posted:

This tweet in itself is a clear inclination that Binance aims to add support for the DeFi tokens. The response too was evidently bullish because most people wrote, “enlist every single token”.

However, it stays unclear which token will it be. As per the stats, yEarn Finance has been topping the chart with immense growth. Perhaps, it can be among the top 10 tokens. Right now, the tokens are sinking in the red zone.

This downtrend of DeFi tokens is somehow connected with the DeFi bubble, experts believe. As a matter of fact, just a few hours after Binance posted a tweet regarding the DeFi tokens support, CZ Binance posted a tweet that some people believe is a little strange.

In follow up tweet, he wrote:

The news comes out of no surprise as Binance has lately been active in Decentralised Finances. Few days prior, Binance announced a $100 million plan to bridge CeFi and DeFi platforms operating on the Binance Smart Chain. Besides, skeptics think that DeFi bubble is about to pop up. However, its proponents have a different opinion about that.  

Ponzi schemes pump the DeFi bubble

Scams in the crypto-market have been a regular happening. But now as the DeFi sector has grown to a massive scale, Ponzi schemes have started to take place in it. You can take SushiSwap as an example. Therefore it has lost its credibility and trust among the investors.

The CEO at Messari, a data analytics provider, believes that the amount of Ponzi schemes determine the future of Decentralised Finances. If DeFi tokens continue to dumb investors, they will undergo the same phase that ICOs went through.

Ryan Selkis posted a tweet which reads:

“ICOs boomed for a while because everyone (laughably) thought there would be a coordinating utility token for every industry,” Selkis said in a follow-up tweet. “DeFi is just one big pool of capital sloshing around a small group of insiders and mercenaries who will soon run out of victims to fleece.”

The whole idea of the DeFi bubble dominating the DeFi tokens is mostly over-exaggerated. It can occur if certain projects start fooling investors and ongoing scams will put DeFi growth to an end.

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