BIS thinks DeFi has no use cases, but CZ is optimistic: finance redefined

Binance CEO Changpeng Zhao says DeFi will overtake CeFi in the next bull run, but the Bank for International Settlements is skeptical.

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Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) news — a newsletter designed to bring you the most important developments of the past week.

The past week in the DeFi ecosystem has been filled with ups and downs, from the US Commodity Futures Trading Commission's (CFTC) investigation into several DeFi protocols to Binance CEO's predictions, Changpeng “CZ” Zhao, according to which DeFi will overtake centralized finance (CeFi) in the next bull run.

As CZ anticipates a bright future for DeFi, a report from the Bank for International Settlements (BIS) claims that a pure form of DeFi cannot survive independently and has few use cases worldwide real.

The Shiba Inu ecosystem's Layer 2 network, Shibarium, continued its rapid growth post-relaunch, with over 1 million wallets created; however, its progress has yet to impact the price of the Shiba Inu token (SHIB).

The top 100 DeFi tokens saw a strong rally Friday evening, with most tokens posting positive weekly gains.

Binance CEO CZ predicts DeFi will overtake CeFi in the next bull run

Binance CEO Changpeng Zhao predicts that DeFi has the potential to outperform centralized CeFi during the next bull run.

During an X (formerly Twitter) Spaces live on September 1, titled CZ AMA, Zhao shared his thoughts on the future of DeFi. “I think the more decentralized the industry becomes, the better,” he said, adding that it may not be long before it takes control of CeFi trading volumes.< /p>

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