The volume of BTC locked in DeFi increased by 30%
DeFi users ‘bombed’ more than 20,000 Bitcoins with DeFi projects last week, showing that DeFi’s bull run is not over yet.
The volume of BTC confined to decentralized financial projects (DeFi) has increased by more than 30% in the past week, although Prices of Bitcoin and Ethereum have now fallen sharply since August.
The total amount of USD locked can go up and down according to the market, even if there is no change in the number of locked tokens.
Last week, the total value of the locked USD fell from a peak of $ 9.6 billion on September 2 to $ 9 billion on September 6.11, before rising back to 10 billion. USD at the current time.
According to data from The DeFi DefiPulse, the value of the locked BTC rose from 67.038 BTC ($ 694 million) on September 2 to a current all-time high of 9 BTC ($ 87.752 million), equivalent to of a 904 percent increase.
More than 50% (51,295 BTC) locked in Ethereum on WBTC, reached 63% of BTC growth since September 2, shutting down another 9 WBTCs on the network.
RenVM, which also allows users to tokenize their BTC on Ethereum, holds 17,630 BTC locked, up from more than 2,500 BTC since the start of the month.
Conversely, on the Lightning Network Bitcoin accounts for only 1.2% (1.061 BTC) of the total BTC locked in DeFi. As BTC locked in the Lightning Network increased only 4 BTC, or less than 0.02 percent of total BTC growth until September.
198 BTC has been added to the Lightning Network since the beginning of the year, representing a 23 percent increase and shrinkage due to WBTC adding more than 50,000 BTC this year, reflecting growth of more than 8600 percent .
Binance has launched a $ 100 million seed fund for DeFi projects
Binance is setting up a $ 100 million seed fund to support DeFi projects in the Binance Smart Chain and foster a combination of centralized finance (CeFi) and decentralized finance (DeFi).
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 DeFi ecosystems and projects, as well as solutions connecting two ecosystems (DeFi and CeFi).
Benefit from 100 million USD funds
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 a preliminary investment and management party to fund DeFi projects.
Potential projects have great potential, and can receive grants of up to $ 100,000.
Selection criteria will be followed by the same criteria 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 can access the resources provided throughout the Binance ecosystem.
Includes: access to millions of customers, ecosystem communication, knowledge, incubation financing, equipment extraction, financial and resource management and comprehensive financial support. others
Quality projects can be listed on Binance.
Connect different blockchains to the 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 the Binance Smart Chain to other projects. Binance wants to be a bridge to connect everyone for development.
Through the secure guardian service of the Binance CeFi platform, tokens in other public chains can be connected to the 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 care services, comprehensive cross-chain services, linked liquidity, privacy protection ...
Binance Smart Chain can perform one click transfer of assets between different network tokens. Users can easily and quickly transfer tokens to Binance Smart Chain.
Binance aims to establish the Binance Smart Chain to be a provider of connectivity scenarios for DeFi blockchain protocols and establish a reliable infrastructure for the Internet of Value in the future.
Strengthen BNB holders, develop DeFi and DeFi solutions ...
The Binance ecosystem will be the bridge between CeFi and DeFi, Binance is actively promoting the merger between DeFi and CeFi to get the best out of these two ecosystems.
For example, with the launch of Binance Smart Chain, Binance introduced the Stake Authority Company Verification mechanism, which adds staking functionality to BNB. BNB holders participating in the staking will receive BNB rewards from Binance Smart Chain validators and will benefit from a similar return of DeFi staking revenue on the CeFi platform.
See more: What is Binance Staking? DeFi Staking with an interest rate of up to 60% / year
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))
Future
DeFi is the best opportunity to provide effective solutions to the blockchain world.
Binance is committed to developing products and services that give people more freedom with its cryptocurrency, including DeFi.
Binance will support and provide users with what they need. Binane wants to provide the best services for investors, whether it is on CeFi or DeFi.
