Binance is currently funding 6 defi projects.
Whatever is trending in the crypto market, you constantly hear the name of the Binance Exchange.
Whether in the time of initial exchange offerings or now as Defi coins are booming, Binance is always there supporting and investing in crypto trends.
Everyone is discussing Defi these days, no one can predict how much time this hype will last.
But as long as defi hype is there Binance will be funding these projects.
Binance not only invests because of Defi hype, but the practical reason for funding is to advance the crypto community.
Help those Defi projects that are genuine, holding teams that own unique concepts to do something innovative in defi.
Binance encourages stable defi projects by there funding, to bring innovation and improve the defi space.
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Binance Funding in Top 6 Defi Tokens
Decentralized finance (DeFi) is becoming the next big thing because of the solutions it is presenting to the blockchain world.
Because of such dignity and admiration for these defi projects, Binance is currently funding the top 6 defi tokens that are supposed to be well-known defi tokens.
Binance has been funding in Decentralized finance for more than two years.
In the early days of defi, Binance has recognized this opportunity that the decentralized finance boom will soon come.
So Binance started funding nice defi projects.
The top 6 defi tokens funded by Binance are:
Tellor implements a substitute to siloed blockchain networks that do a query of off-chain data and their base is on centralized data.
Tellor is developed by a graduate from Binance Labs.
Tellor freshly wrote an in-depth study on oracles decentralization.
Terra is a top-level, defi based payment system that has its stable coin for powering its transactions.
Binance first investment in Terra was in April 2019.
Terra has partnered with Cosmos and Polkadot to begin Anchor protocol.
The Anchor is a new income protocol that strives to decrease volatility in lending on Decentralized Finance by leveraging staking derivatives.
Binance is helping the most renowned Defi projects.
In this regard, Binance has freshly completed a funding round of 2.8 million dollars for a defi exchange 1inch.
1inch is a dex aggregator, as an aggregator 1inch roots liquidity from multiple dex exchanges.
1inch utilizes smart contract technology to divide a particular trade across multiple decentralized exchanges, empowering users to receive the best rates possible on exchanges.
To split order across different exchanges 1inch has got support from top defi exchanges likeUniswap, Bancor, Balancer, Curve, Kyber Network, Airswap, Oasis, and others.
As the funding of 1inch was led by Binance many notable investors and investment funds have participated in this funding.
The renowned participants of funding were:
- Galaxy Digital
- Greenfield One
- Libertus Capital
- Dragonfly Capital
- Launch Hub Ventures
- Divergence Ventures
Binance CEO Changpeng Zhao views about 1inch exchange:
“DEX aggregation is a critical building block that co-enabled the most recent DeFi boom. It allows executing large order sizes at low slippage rates. 1inch has become the de facto interface for trade execution in DeFi. It is of great pleasure to support the 1inch team in their relentless quest to drive user adoption in DeFi.”
1inch was launched by Sergej Kunz and Anton Bukov in May 2019.
Both founders announced a 1inch launch in the Ethereum global hackathon in New York.
Till today 1inch’s daily active wallets have towered to 17,700 wallets.
In recent days 1inch registered over $1 billion in trading volume, which shows how much trading was done on this decentralized finance exchange.
Binance Strategy Officer Gin Chao said:
“Our team had first met Sergej and Anton at ETHParis in February 2019 where the two pitched a BNB utility project to us. On a subsequent hackathon, the team launched 1inch and, after first traction, decided to commercialize it.”
Strike protocol is designed by Binance labs graduate in May 2020.
This Ethereum-based derivatives protocol can handle decentralized perpetual swaps for any asset.
Strike protocol has features of leverage up to 20x, minimum oracle usage, and others.
Dune analytics is a defi analytics platform.
Dune analytics features are that it recognizes human-readable smart contract data to visualize, explore, and share.
Injective Protocol is one the pioneers of defi that started in 2018 and gain the attention of Binance for funding.
The injective protocol is a decentralized layer-2 dex.
It solves front running, collisions queries, and facilitates liquidity sharing.
What are your thoughts on Binance findings in defi tokens. please comment.
I am the editor-in-chief of The Crypto Basic. Love to get involved in cryptocurrencies. I am in crypto since 2014. I like the way blockchain is progression, being adopted by large firms and in most parts of our lives. We are early adopters and followers of blockchain, and time will surely come when our success factor will be blockchain.