Binance CEO, Changpeng Zhao, does not apparently mind that many decentralized applications on Binance’s blockchain, Binance Smart Chain (BSC), are considered as nothing but Ethereum copycats. According to Zhao, it is all just part of being a bona fide innovator. Ethereum itself did not invent blockchain as it copied from Bitcoin. He explains that people will always look closely at what is currently popular and inevitably will try and copy it. That is what we see right now on BSC, says Zhao.
Zhao adds that such copycats could actually be a good thing entirely. He pointed out decentralized exchange (DEX) PancakeSwap as an example, which has now surpassed Ethereum’s leading DEX Uniswap via trading volume. As per the Binance CEO, Uniswap, in its own right, did not invent automated market makers (AMM) despite it being the leader in said sector. In the decentralized world, concepts are being copied left and right, which is just fine, says Zhao.
Zhao’s argument regarding copycats being a norm in the blockchain space seemingly relates to the desirability and practicality of enforcing copyright on such products, which are upheld by distributed networks of computers rather than a principal actor. However, it is still worth noting that it does not negate the possible illegality of developing knockoffs.
Binance aims to follow Coinbase’s recent moves
Speaking of copying, Zhao also implies that despite being a rival exchange of Coinbase, Binance aims to follow its footsteps to seek direct listing on NASDAQ, but this time, penetrating the large US market.
According to him, the US has arguably the world’s most advanced economy, thus, making it even more appealing for a crypto exchange to seek an IPO on the NASDAQ. He adds that as long as Binance follows what Coinbase has already done, there shouldn’t be any problems.
Although he did not specify what he exactly meant by copying Coinbase in the US, the Binance CEO feels particularly optimistic when he puts his company’s trading volume side by side to Coinbase’s. He exclaimed that on the day Coinbase went officially public, Binance US’ trading volume was actually 40% of Coinbase’s, and that already impressive percentage is only to go up even.