Cryptocurrency exchange powerhouse Binance Historically, Binance has pursued a comprehensive strategy encompassing various sectors of the cryptoeconomy.
This strategic mindset led Binance to introduce the Binance Smart Chain (BSC), a blockchain designed to compete with other well-recognized smart contract platforms such as Ethereum, Polkadot, and EOS.
Recently, Binance has aggressively expanded its initiatives within the BSC landscape, with significant moves like launching the Venus and Vai stablecoin systems. Some Ethereum enthusiasts are skeptical, fearing Binance's ambitions might overshadow Ethereum.
However, Changpeng Zhao, Binance's founder, maintains that the future of crypto revolves around collaboration, interoperability, and shared prosperity rather than ruthless competition between blockchains.
Binance’s recent actions, like its commitment to the Ethereum platform, reflect Zhao's vision of cooperative growth across the crypto-space.
$100k Donation to ETH Community
In a significant gesture this week at the Binance Summit: Blockchain Applied, Zhao announced the company's $100,000 donation to Gitcoin Grants Round 8, scheduled from December 2 to December 18, 2020.
. @cz_binance just announced that #Binance has pledged to donate $100,000 to the next @gitcoin The grant matching round aims to support emerging talents and projects. #Ethereum projects. https://t.co/FsjFAdAxXz
— Binance (@binance) November 10, 2020
Gitcoin serves as a robust community platform for Ethereum freelancers, offering Gitcoin Grants, which utilizes a unique Quadratic Funding model to amplify grassroots donations to significant amounts with matching contributions.
Throughout 2020, Gitcoin’s grant rounds have continually gained traction and respect within the crypto community, with the previous round attracting over $370,000 for matching donations, supported by major DeFi players like Chainlink and yEarn. Gitcoin Grants Round 7 Binance’s participation in Round 8, with more than a quarter of the prior round’s initial funding, demonstrates a commitment seen in few, showcasing real financial backing to support the community.
In its announcement, Binance emphasized the importance of cross-blockchain efforts for advancing BSC and the broader industry, underscoring a shared goal of decentralization and innovation. noted :
Ethereum stands as a formidable force in the current cryptoeconomy, so it's clear why it captures the strategic focus of leaders like Binance.
Interest Rising?
The profound involvement in the Gitcoin donation mirrors Zhao’s enthusiasm for engaging with Ethereum’s vibrant ecosystem.
In anticipation of the donation announcement, Zhao tweeted a personal consideration to buy 32 ETH to show support for Ethereum’s developmental strides, clarifying it was not financial advice but symbolic backing.
This is purely about backing Ethereum's potential and growth, not financial recommendations.
I might buy 32 #ETH , just for the cause.
These remarks coincide with the launch of the ETH2 deposit contract, which is a pivotal move towards the blockchain’s transition to a proof-of-stake system, set to commence as early as December 1st, 2020.
— CZ ???? Binance (@cz_binance) November 10, 2020
The progression of Ethereum and Binance's collaborative involvement promises to be an intriguing narrative as both entities navigate the evolving blockchain world.
William M. Peaster, an expert in Ethereum, Dai, and Bitcoin, often shares his insights in platforms like Blockonomi and Binance Academy, while he's also deepening his understanding of Solidity.
