Binance rival Fezoo Exchange gains momentum with VET, FIL backers

Fezoo Exchange, supported by VeChain and Filecoin backers, is poised to challenge Binance’s dominance in the crypto exchange market.

Binance, the leading crypto exchange in the world by spot traded volume, could lose its crown to an upcoming decentralized exchange known as Fezoo (FEZ).  Fezoo has garnered support from the Filecoin (FIL) and VeChain (VET) communities as they seek to make tangible gains during the bull market.

The appetite for Fezoo (FEZ) from VeChain and Filecoin is expected to soar in the coming days as early reports indicate that the U.S. SEC could deny spot Ethereum (ETH) ETFs next month.

VeChain gains three million new holders in April

VeChain, renowned for its practical applications and eco-conscious approach, has attracted more than 3 million new holders in April 2024, making it one of the most popular digital assets in Q2. This surge in users underscores the mounting interest in VeChain. VeChain investors are hoping that this could result in a price surge. 

The price of VeChain is yet to reflect this accomplishment. VeChain rose 0.8%  in the past 24 hours to trade at $0.04031 at the time of writing. Over the past month, VeChain has fallen 8.2%, although it gained almost 80% in the past year.

Filecoin announces network upgrade

Filecoin, a decentralized storage system, announced on April 24 that it had completed its latest upgrade, Version 22, codenamed Dragon. Filecoin expects to soar to new heights as the Version runs smoothly. Investors are hoping that the upgrade will have a positive impact on the price of VeChain. 

Filecoin has been tumbling alongside the entire market. However, over the past week, Filecoin has managed a 1% increase in price to trade at $6.06 at press time. Filecoin has wiped 35.2% of wealth from its holders in the past month. Analysts say Filecoin (FIL) will only surge if the whole market resumes its uptrend.

Fezoo emerges as a rising challenger

Fezoo developers are confident that the decentralized exchange is another project that not only adds numbers to the crypto sphere but is a challenger that could take on established players like Binance. 

The new decentralized exchange has come out with several features that will likely attract traders and investors to it. Fezoo will compete for the lowest fees, allowing users to interact with trading bots to make more profits. Presale investors will also be entitled to 50% of all fees generated on Fezoo, providing them with access to passive income just like stock dividend payouts. 

Early investors diving into Fezoo at a price of $0.013 during the initial stage of its presale stand to make at least 100X gains.

To learn more about Fezoo, visit the website.