- Binance is offering staking of BNB and BUSD at 60% and 50% APR respectively
- The popular exchange has decided to embrace DeFi wholeheartedly
- Continual focus on DeFi is having a positive impact on the price of Binance Coin (BNB)
Earlier today, the crypto exchange of Binance announced that it would begin offering staking of Binance Coin (BNB) and Binance USD (BUSD) with an APR of 60% and 50% respectively. The BNB and BUSD committed to staking by users will be used on Curve Finance.
The team at the exchange further explained that the minimum amount to be locked for staking is 10 BNB and 100 BUSD. Furthermore, the staking was officially launched today at 13:00 UTC with the following table providing a comprehensive summary of terms of the DeFi product on Binance.
Binance Decides to Venture into DeFi Wholeheartedly
The move by Binance to offer BNB and BUSD DeFi staking comes after the exchange confirmed their total commitment to the DeFi industry.
To begin with, Binance set up a $100 Million accelerator fund for projects working to connect DeFi and CeFi. The Binance Smart Chain community will be part of the governance at the early stages with high-quality projects receiving up to $100,000 in funding.
The exchange went on to add that the first batch of Yield farming products will be launched soon on the Binance Smart Chain. Yield farmers will be able to farm mainstream digital assets such as XRP, BCH, LTC, ADA, DOT, XTZ, EOS and ONT.
To further elaborate on Binance’s commitment to DeFi, CZ explained why the decentralized finance industry needed a centralized platform to thrive.
#DeFi is great. I love it. But #CeFi is about to give it a run for its money. 2 advantages CeDeFi offers:
1. Exchange vetted projects/tokens. Not bulletproof, and sometimes may even be negative (depending on the CEX), but a reputable CEX is financially incentivized to maintain it. Think ICO vs IEO.
2. With DeFi, you have to choose a single project. With CeFi, BNB staked on #Binance can/will earn multiple yields/tokens simultaneously. 1x vs Nx. Hard to ignore.
#Binance effectively have “right of first refusal” for almost all new projects. Just saying. #BNB And there is #BinanceSmartChain.
Binance Coin (BNB) Continues to Benefit Positively due to DeFi on Binance
In terms of having a positive impact on the value of BNB, Binance introducing DeFi and the Binance Smart Chain, has assisted in Binance Coin maintaining its value above the $22 mark.
BNB started thriving specifically when Binance announced launchpool where users get to farm new tokens such as Bella (BEL). Combining this with the announcement of BNB staking with up to 60% APR and the full launch of the Binance Smart Chain to focus on DeFi, Binance Coin is probably destined for more gains in the crypto markets.
As with all analyses of Binance Coin (BNB), traders and investors are advised to have an eye out for any suddent Bitcoin activity that might ruin the party.