Centralized exchanges are trying to get in on the DeFi action. Binance is leading the pack by integrating some third-party projects. Its own Binance Smart Chain will unlock more decentralized finance in the near future.
Exploring Binance Smart Chain and DeFi
- The ongoing growth of decentralized finance has been stellar, forcing centralized exchanges to integrate these solutions whenever possible.
- Binance has shown a keen interest in exploring DeFi, as several of these tokens have launched through its Launchpad IEO platform.
- Not that long, the company announced native Kava integration, allowing BNB holders to farm rewards through the exchange.
- Advancing the DeFi angle, Binance is setting up a $100 million Accelerator Fund.
- This Fund will support DeFi projects building on top of the Binance Smart Chain ecosystem.
- Top projects can claim up to $100,000 in funding to begin integrating major cryptocurrencies.
- Of the supported currencies. Binance primarily wants to focus on XRP, Litecoin, Cardano, Tezos, EOS, and so forth.
- Yield farming with all of these assets has proven to be virtually impossible, unless one wants to tokenize them on Ethereum.
- Other projects with native yield farming support will launch on the Binance Smart Chain ecosystem in the coming weeks.
- All projects enrolling in the fund will be eligible to list native tokens on Binance.com, as well as receive further investment.
- Unlocking interoperable cross-chain DeFi solutions will benefit the broader cryptocurrency industry.