Changpeng Zhao, CEO of Binance, confirmed the establishment of a seed fund for DeFi during The World of DeFi summit.
This Binance fund will provide maximum support for the DeFi ecosystem and projects, as well as solutions that connect the two ecosystems together (DeFi and CeFi).
Benefit from 100 million USD fund
DeFi projects that want to receive support must submit a proposal to Binance, then Binance will consider the feasibility of the project before agreeing to support.
Binance Smart Chain will act as an initial investment and governance party to finance DeFi projects.
Potential projects have great potential, and could receive grants of up to $ 100.000.
Selection criteria will follow the same standards that apply to Binance X, Binance Labs and Binance Launchpad.
Binance will provide liquidity support for DeFi projects that pass security audits and due diligence. The supported project will be able to access resources provided across the Binance ecosystem.
Includes: access to millions of customers, ecosystem communications, knowledge, incubation financing, derivative tools, financial management and resources and comprehensive financial support. other.
Quality projects can be listed on Binance.
Connect different blockchains with Binance Smart Chain
In addition to the $ 100 million fund, Binance is also promoting the combination of DeFi and CeFi.
Through the Token Canal project, Binance wants developers to connect Binance Smart Chain with other projects. Binance wants to become a bridge to connect all together for development.
Through the Binance CeFi platform's secure custodian service, tokens on other public chains can be connected to Binance Smart Chain, including BTC, ETH and other ERC20 tokens (LINK, USDT, DAI, etc.) , as well as XPR, BCH, LTC, ADA, DOT, XTZ, EOS, ONT…
Through the Token Canal project, Binance will provide secure custody services, comprehensive cross-chain services, linked liquidity, privacy protection ...
Binance Smart Chain will be able to perform one-click asset transfers between different network tokens. Users can simply and quickly transfer token assets to Binance Smart Chain.
Binance aims to establish Binance Smart Chain to become a provider of connection scenarios for DeFi blockchain protocols and establish a reliable infrastructure for the Internet of Value in the future.
Empower BNB holders, develop DeFi and DeFi solutions ...
The Binance ecosystem will be the bridge between CeFi and DeFi, Binance is actively promoting the integration between DeFi and CeFi to draw the best out of these two ecosystems.
For example, with the launch of Binance Smart Chain, Binance introduced the Proof of Stake Authority consensus mechanism, which adds staking functionality to BNB. BNB holders participating in staking will receive BNB rewards from Binance Smart Chain validators and benefit from similar returns of DeFi staking profits on the CeFi platform.
In August last year, Binance launched DeFi staking, which is a great example of a combination of DeFi and CeFi.
Binance users can benefit from CeFi services on Binance (Spot, Escrow and Trading futures, savings, DeFi Staking, DeFi Pooling, etc.) and DeFi products on Binance Smart Chain (Lending, AMM, Mining Liquidity, Yield Farming…)
DeFi is the best opportunity to provide effective solutions to the blockchain world.
Binance is committed to building products and services that give people more freedom with its cryptocurrency, including DeFi.
Binance will support and give users what is needed. Binane wants to provide the best services for investors, whether it's on CeFi or DeFi.
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