Cryptocurrency exchange Binance has announced that it will invest in six DeFi projects. Announcing that it will give $ 350,000 to each project, Binance stated that quality DeFi projects should be supported.
In September, Binance CEO Changpeng Zhao announced that he wanted to invest in projects on the Smart Chain and therefore started a $ 100 million grant campaign. After the announcement, more than 180 projects applied for grants. The $ 100 million grant was awarded by Binance to 6 DeFi projects. The Binance CEO said the grant was designed to support quality projects.
Which Projects Received Investment?
Global cryptocurrency exchange Binance has provided 100 million worth of grants to six DeFi projects. Binance evaluated the companies it chose under the name of team features, contributions to the blockchain ecosystem, and products. According to the announcement made on October 14, AnySwap shared that Arkane Network, BakerySwap, Bitquery, PancakeSwap and Proxima were awarded the grant. Each firm will receive $ 350,000 from Binance. One of the projects, PancakeSwap, attracted great attention. Pancake Swap represents a decentralized exchange that uses mathematical formulas to determine the token price. Binance said PancakeSwap is the number one liquidity provider on Smart Chain. Drawing attention to factors such as transaction volume and number of active users on PancakeSwap, Binance emphasized that the project was really successful due to these features.
Binance launched its Smart Chain main network last month. It was also learned that DeFi protocols such as Aave, 1inch and dForce on the new network working in parallel with Binance Chain wanted to make improvements.