The CEO of Binance says when people invent something new, it can be challenging but yet, rewarding in the end.
After SushiSwap was delisted sharply, Binance users complained bitterly and wondered why the exchange thought of adding the token at first. However, Binance has no regrets over its first decision.
The CEO of Binance, Changpeng Zhao (or CZ for short) said his company saw reasons to list SUSHI and other similar projects.
“As one of the leaders of the space, we support innovation. With innovation comes the chance of high reward, and high risk. Some projects make it to the moon, while some fall short. Always manage your risk accordingly. In crypto winter, I tell people to HODL. When things are hot, I tell people to be super cautious. I still get heat whenever something go south. I will take the heat. It just hurt to see people getting rekt, and still not managing their risks.”
The price of SUSHI fell by 88.1% to land at $1.13 in just five days after Chef Nomi, a developer for the token, dumped the tokens to focus on something else. SUSHI had to get another developer who is now the CEO of FTX, Sam Bankman-Fried.
The DeFi community didn’t like what Chef Nomi did and Binance was also blamed for listing the token at first.
Binance has been showing its support for DeFi projects for a long time. According to CZ, DeFi will take over in the nearest future but it may not be easy for it now to gain massive adoption to make it attain that status.