Binance Smart Chain [BSC] has infused reportedly an undisclosed sum of funds into the decentralized finance [DeFi] called DefiDollar. The amount comes under the $100 million fund set up to further advance the DeFi ecosystem on Binance’s blockchain network.
According to the official blog post by the platform, the investment led by Binance Smart Chain is a strategic move to boost the decentralized finance ecosystem by supporting a team such as DefiDollar to bring about innovative products that provide – indexes, yield diversification as well as better capital efficiency.
DefiDollar describes itself as a “Defi Protocol Lab” that aims to take DeFi to the masses and also intends to simplify access to Web3.0 based decentralized finance products.
Siddhartha Jain, COO and Co-Founder of DefiDollar commented on the development,
“We aim to create value for users via our DeFi focused product suite. Our future roadmap revolves around launching value-added products like ibBTC and Opeth. These will help the protocol serve a wider audience and help users to access the composable power of DeFi in an intuitive and easy-to-use manner.”
The executive of the DeFi platform also revealed the team’s intentions to expand its multichain presence and have launched the protocol, as well as a savings account, on Binance Smart Chain [BSC] which enables access to users who previously got priced out due to high fees.
DefiDollar also plans to create value across the full spectrum of decentralized finance activity on Binance Smart Chain, from the savings product to ibBTC.
Binance Smart Chain’s Rise To Prominence
Five months into 2021, the sector shows no sign of slowing down. Binance with BSC has been nothing short of a trailblazer among the centralized entities in the DeFi space. It has been growing exponentially and has cut into the market leader, Ethererum’s share.
As of 6th May, the total value locked [TVL] in the Binance Smart Chain ecosystem was found to be nearing $50 billion.