Binance Announces Investment in Six DeFi Financing Projects ... Learn About It
Cryptocurrency exchange Binance previously announced that it will invest in six projects, DeFi, and that it will grant each project $ 350,000, provided that the project is for decentralized financing, DeFi, and is also of high quality.
The announcement of this grant was last September, when “Changpeng Zhao” CEO of Binance announced his desire to invest in projects based on the smart chain Binance, and to allocate grants of $ 100 million.
After the announcement, more than 180 projects have applied for grants.
The CEO told Binance that the grants are designed to support high-quality projects.
Learn about the projects that received the Binance investment:
Binance evaluated the selected projects according to several criteria, most notably:
The team behind the project, contributions to the blockchain system, and products offered.
According to the announcement issued yesterday, October 14th, the projects that received the Binance grant are:
AnySwap.
Arkane Network.
BakerySwap.
Bitquery.
PancakeSwap.
Proxima.
Each company will receive $ 350,000 from Binance.
The PancakeSwap project has garnered significant interest from Binance as the project provides a platform for decentralized exchange and uses mathematical formulas to determine the price of a digital currency.
She told Binance that PancakeSwap is the number one provider of liquidity in the Smart Chain network.
Binance confirmed that the PancakeSwap project attracted attention and was successful due to several factors such as the volume of transactions and the number of active users.
As a reminder, Binance launched its main network of Smart Chain in the past months to compete with Ethereum and take a share in the decentralized financing market:
A Comprehensive Guide to Binance Smart Chain
Several DeFi decentralized financing protocols such as Aave, 1inch, and dForce have migrated to the new network, which run parallel to the old Binance network, with the aim of making improvements.