Binance CEO Says 'We Need More DEXs' As PanCakeSwap Undergoes Major Upgrade

Binance CEO Changpeng Zhao, popularly known as "CZ" said that the crypto space requires more decentralized exchanges.

What Happened: According to CZ, DeFi platform PancakeSwap has most of the users while Uniswap has the highest Total Value Locked (TVL). "That’s still too centralized," CZ tweeted.

PanCakeSwap v3 has undergone a major upgrade and is now live on BNB Chain and Ethereum (CRYPTO: ETH).

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In a blog post, PancakeSwap focused on highlights of the v3 upgrade, which includes much lower trading fees compared to v2, "many times more fee earnings" for liquidity providers and much higher capital efficiency.

Data from DeFiLama shows that UniSwap has $4.6 billion TVL locked across six chains.

Price Action: ETH was trading at $1,909 up 5.30% in the last 24 hours, according to Benzinga Pro.

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