The Changpeng Zhao exchange called “CZ” remains on the offensive. After removing fees on a wide range of BTC trading pairs on its spot market in July, it intends to repeat the initiative on ETH by introducing zero fees. But this time, the free will only apply to the ETH/BUSD combination, the platform’s native stablecoin.
Zero fees on ETH/BUSD
The Merge is coming and with it, of course, a particular excitement expected around the cryptocurrency ether, whose blockchain will experience a historic transition from proof-of-work (PoW) consensus to proof-of-stake (PoS). A major event in the history of cryptos which could not leave the leader of exchange platforms without reaction. In fact, as of August 26, Binance will offer a zero fee offer on the ETH/BUSD pair. She will available to all users on the spot market.
This initiative, like the one taken previously on bitcoin trading, may come as a surprise insofar as the exchange thus deprives itself of an important source of income in a delicate period of bear market. But by doing so, Binance combines several advantages cheaply.
Binance Show of Strength
It’s first a demonstration that he has it under his feet. In other words, less trivially, to show, especially in the face of a resplendent FTX of health, that it is still there and there. CZ had claimed that Binance had enough liquidity reserves to last a long time, even during such a harsh crypto winter as the one currently experiencing, he provides proof of this by this type of initiative. Next, concentrating the free on ETH / BUSD also allows him to value his in-house stablecoin. Stablecoin which continues to grow in importance in this segment of the crypto market, 3rd behind the giants USDT and USDC, and which points to 6th place in the ranking of cryptos with $19 billion in market capitalization.
The offer currently only has one one-month shelf life, due to end on September 26. It will therefore oversee The Merge scheduled for mid-September, and will be at the heart of the intensification of negotiations planned for this occasion. Binance hopes thus attracting ever more users and establishing its no. 1 supremacy. A solo race on which its CEO ironically.
Nobody is following, so we are in a race to 0 with ourselves. Leading is sometimes lonely. 8/23: Binance Launches Fee-Free ETH Trading; 7/6: Binance Launches Fee-Free BTC Trading; 2/14, : Binance extends 0 fees to all $USD stablecoin pairs; 12/17: Binance extends 0 fees for 4 BUSD pairs.
CZ on Twitter
There is Binance, of course, but there is also FTX, which is renowned for having the lowest trading fees on the market all year round. Register now on the FTX platform, and also benefit from a lifetime reduction on your trading fees (commercial link).