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.
None of the information on this website is investment or financial advice and does not necessarily reflect the views of CryptoMode or the author. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website by its authors or clients. Always conduct your research before making financial commitments, especially with third-party reviews, presales, and other opportunities.