Binance announces investment in six DeFi projects… Get to know them
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Answer Binance announces investment in six DeFi projects… Get to know them
Cryptocurrency exchange Binance has previously announced that it will invest in six DeFi projects and that it will give each project $350,000, provided that the project is DeFi and of high quality.
The announcement of this funding grant was last September, when Changpeng Zhao, CEO of Binance, announced his desire to invest in projects based on the smart chain Binance, and allocate grants worth $100 million.
After the announcement, more than 180 projects applied for grant funding.
He told Binance’s CEO that the grants are designed to support high-quality projects.
Learn about the projects that received Binance investment:
Binance evaluated the selected projects according to several criteria, most notably:
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The team behind the project, contributions to the blockchain system, and products offered.
According to the announcement issued yesterday, October 14, the projects that received the Binance Grant are:
- I am Swab.
- Arkan Network.
- bakeries
- Bitquery.
- Pie
- Proxima.
Each company will receive $350,000 from Binance.
The PancakeSwap project has received a lot of attention from Binance as the project offers a platform for decentralized exchange and uses mathematical formulas to determine the price of the cryptocurrency.
It told Binance that the PancakeSwap project is the number one liquidity provider in the Smart Chain network.
Binance confirmed that the PancakeSwap project caught the eye 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, Smart Chain, in the past months to compete with Ethereum and take a share in the decentralized finance market:
Read:One of the leading investment funds in New York enters the cryptocurrency market
A comprehensive guide to the Binance Smart Chain
Several DeFi protocols such as Aave, 1inch, and dForce have migrated to the new network, running parallel to the old Binance network, with the goal of making improvements.
Read also:
A simple guide and explanation of the Chainlink project and how it works
After raising $21 million to compete with Ethereum: What is the NEAR Protocol project? And what are its goals?
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