Binance Continues to Disrupt itself as it offers $100M Grant to Six DeFi Projects on Binance Smart ChainOctober 15, 2020
Binance, on October 14th, announced a set of six crypto projects which are winners of $100 Million of Binance accelerator funds announced last month. The six projects were nominated from a set of 180 proposals received by the exchange. The projects are AnySwap, Arkane Network, BakerySwap, Bitquery, PancakeSwap, and Proxima. Binance had set out to encourage developers that build Decentralized Finance (DeFi) protocols on its Binance smart Chain.
“Join us in celebrating AnySwap, Arkane Network, BakerySwap, Bitquery, PancakeSwap and Proxima, for being a part of this year’s inaugural class of winners from our $100M accelerator fund. Each project will be awarded a total of $350,000 in funds and access to comprehensive resources within the Binance ecosystem.”
The crypto exchange being centralized seeks to disrupt itself by creating a bridge between Centralized Finance (CeFi) and Decentralized Finance. This is in addition to seeking to be a bridge between its smart chain and other Blockchains. Binance Smart Chain was built to focus on the trade-off from Binance Chain- a smart contract layer. The smart chain allows programmability with its compatibility and ability to run Ethereum Virtual Machine. Since its launch, the blockchain has experienced an influx of DeFi protocols that seek a better and scalable blockchain with a low fee than Ethereum which has been the resident’s home of DeFis. Binance smart chain achievements and successes are not just in transaction fees, times, and projects, it is also in the rate of adoption by people. After its mainnet launch at the end of August, there are about 142,074 unique addresses on the chain with a daily increase of 9,153 addresses according to BscScan.
The beneficiaries of the $100 Million grant were selected based on criteria which include “overall vision, team and product viability, execution ability, and contribution to the overall blockchain ecosystem.” The selected projects from the first grant focus on different use case “scenarios, which highlights the scope and variety of applications within the DeFi space. Projects range from AMMs (Automatic Market Makers) and data platforms to gaming solutions.”
Through the Binance Token Canal initiative, it is offering a bridge between its smart chain and other blockchains. The Bridge will allow developers and users to use other tokens and coins on Binance Smart Chain and Binance Chain. The project is similar to the “coin wrapping” function as widely known.
Binance will continue to support the development of projects that are built on its smart chain as it prepares and receives submissions for the next round of funding.