Decentralized finance, or DeFi, refers to financial products that replace banks and brokers with code on a blockchain, usually Ethereum. Since BSC went live in September, it has siphoned off Ethereum DeFi traders with the promise of lower fees and faster trading. That's a very natural thing for people to do," CZ said. "This is the same thing as, if some startup project is popular in the U.S., and they're blocked in China, guess what? The Chinese will try to do a copycat within China. China's a huge market, it's like one fifth of the world's population.