ADVERTISEMENT
NewsLogical
  • Home
  • General News
  • Bitcoin
  • Blockchain
  • Business
  • Finance
  • XRP News
  • Price Analysis
  • Coin Guide
  • About Us
    • Contact Us
    • Team
    • Privacy Policy
    • Editorial Policy
    • Write for Us
No Result
View All Result
  • Home
  • General News
  • Bitcoin
  • Blockchain
  • Business
  • Finance
  • XRP News
  • Price Analysis
  • Coin Guide
  • About Us
    • Contact Us
    • Team
    • Privacy Policy
    • Editorial Policy
    • Write for Us
No Result
View All Result
NewsLogical
No Result
View All Result
Home General News

Binance Awards Grants to Six DeFi-Based Projects Building on Smart Chain From Its $100 Million Fund

by Olayode Yusuff
October 16, 2020
in General News
0
Binance-Awards-Grants-To-Six-DeFi-Based-Projects-From-Its-100M-Fund
0
SHARES
110
VIEWS
Share on FacebookShare on Twitter

World’s largest crypto exchange, Binance, has awarded grants to six DeFi projects worth approximately $350,000 from its recently launched $100 million accelerator fund.

In a press statement shared with Bitcoin Exchange Guide, Binance revealed blockchain startups Proxima, AnySwap, PacakeSwap, Arkane Network, Bitquery, and BakerySwap had been awarded $350,000 as grants. The exchange also revealed that over 180 projects had submitted their applications for grants from September after the fund’s launch.

According to Binance, the six projects were selected through a process that involved the examination of the teams, the expected input or impact to the blockchain sphere as well as the products.

Changpeng Zhao, Binance CEO, expounded that the Accelerator Fund was launched to enhance the improvement or building of high-grade DeFi projects, which will play a role in enhancing the sector’s infrastructure.

A notable project that will benefit from the grant is PancakeSwap, which is an automated market maker, a peer-to-peer exchange that uses mathematical algorithms to get the value of a given token. According to Binance, PancakeSwap was ranked as the top project when it comes to liquidity. The project was also ranked high when it comes to the number of clients and gas fees. PancakeSwap also holds more than $218 million worth of smart contracts.

The funded projects are developed on top of Binance’s blockchain network Binance Smart Chain (BSC), which comes with low network fees.

The DeFi industry has witnessed a magnificent growth since 2019 to become a multibillion sector in the recent past due to high-interest products and the launching of non-custodial trading and lending.

Although almost 96% of the entire DeFi transactions take place on Ethereum, the platform has faced challenges due to its inability to scale and high fees. This has seen various firms enter the market to offer alternative solutions to Ethereum.

Binance Smart Chain (BSC) is highly scalable compared to Ethereum. Still, it comes with various centralized features leading to the firm developing centralized-decentralized finance (CeDeFi) for its offering.

No Result
View All Result

Highlights

Binance CEO Right about Ethereum Price Prediction

Full-Time Crypto Trader Lists 3 Coins That Will Overtake XRP Soon

Bitcoin is the Absolute Apex Predator in Financial Markets – Morgan Creek Digital Cofounder

Still Scare of Bear? Bitcoin and Ethereum Whales Have a Surprise for You

Germany-Based Software Company to Spread Adoption of IOTA Technology

Ex-Goldman Sachs Executive to Be Named New SEC Chair. Will Ripple Benefit?


NewsLogical Inc. is a U.S.-centric firm established in 2019 with the aim of providing resourceful and up-to-date cryptocurrency and blockchain information.

Email: info@newslogical.com

Read More.

Dislciamer


Contents on NewsLogical.com are only for informational purposes and should not be construed as financial or investment advice.

Trading cryptocurrency is considered a high-risk activity that requires technical knowhow because digital currencies are generally volatile.

Contact financial experts for guidance before making any cryptocurrency investment decision.

Read More.

About us

  • About
  • Contact Us
  • Disclaimer
  • Editorial Policy
  • Privacy Policy
  • Team
  • Write for Us
No Result
View All Result
  • Home
  • General News
  • Bitcoin
  • Blockchain
  • Business
  • XRP News
  • Price Analysis
  • Coin Guide
  • About
    • Team
    • Editorial Policy
    • Privacy Policy
    • Write for Us