The DeFi attack of Binance, one of the largest crypto exchanges in the world, continues. The exchange provides financial resources to decentralized finance projects, provided they are created on their own blockchain. It was stated that 6 of these projects received their first payments under this fund.
Drawing attention with its recent DeFi attack, Binance announced yesterday that the first payment of 350 thousand dollars was made to DeFi projects, which it supports within the scope of a $ 100 million fund. The $ 100 million accelerator fund was launched in September to accelerate developers’ efforts in decentralized finance projects and create a new decentralized financial ecosystem.
Regarding the matter, CEO Changpeng Zhao said:
“We have launched this $ 100 million accelerator fund to support the development of high-quality DeFi projects that we think will contribute to the industry’s infrastructure and technology, and to unlock DeFi’s potential.”
These six blockchain projects, including AnySwap, Arkane Network, BakerySwap, Bitquery, PancakeSwap, and Proxima, run on the exchange’s own blockchain network, Binance Smart Chain (BSC), known for its 3-second block time and cheap network fees.
Binance projects; While the team announced that they were selected according to criteria such as product, vision and contribution to the blockchain ecosystem, it was stated that more than 180 projects in total, all built on BSC, applied for accelerator funding.
The objectives of these projects funded range from automated market making to data platforms that provide solutions in games. PancakeSwap, one of these projects, stands out from the others because it holds more than $ 218 million in smart contracts and is the largest liquidity provider in BSC.
After the uncertainties in 2019, DeFi grew significantly, especially in the summer of 2020, and became an industry where billions of dollars in unsecured lending and trade options with high interest yield offers flowed in.
Scaling problems caused by ETH and exaggerated transaction fees continue to be criticized harshly during periods of high demand in DeFi transactions, where 96 percent of them are realized in Ethereum.
The scaling issue in Binance is much more successful, but that’s because BSC has many central features. That’s why the stock market recently coined the term decentralized finance, in short, CeDeFi (centralized-decentralized finance).
Companies like Binance are currently trying to get a stake in the DeFi scheme with their blockchain offerings, and it seems that they are not afraid to spend serious money on this.