One of the world’s largest cryptocurrency exchange, Binance announced the release of Launchpad. The new product is aimed to provide a secure way to farm new assets. The users will also be able to acquire new token rewards in return for staking BNB, BUSD, and other tokens.
Following the announcement, Binance CEO and Founder, CZ stated,
“The potential of DeFi is accelerating at an outstanding rate, along with its adoption among the crypto ecosystem. We’re excited to host Bella Protocolas Launchpool’s first DeFi offering on the Binance platform, and are delighted to offer #Binance users the opportunity to securely farm new assets.”
With this, Binance also announced that the first-ever project to be hosted on Launchpool is Bella Protocol [Bell]. The official blog post revealed that starting from 9th September, the users will be able to stake their BNB, BUSD, or ARPA tokens into three separate pools to farm BEL tokens over 30 days. Following this, Binance will then list BELL token on its platform on 16th September and initiate trading for pairs – BEL/BTC, BEL/BNB, BEL/BUSD, and BEL/USDT.
Bella Protocol, which is an ecosystem project incubated by ARPA, essentially provides a full-suite of DeFi products, which includes an automated yield farming tool, lending protocol, a 1-click savings account, customized robo-advisor, among others. In August 2020, the Beijing-based DeFi aggregator secured $4.50 million in a funding round led by Arrington XRP Capital.
The DeFi space is a battlefield now and the crypto giant, Binance appeared to be delving deeper into the decentralized world. The news of Launchpad comes just two days after the platform unveiled its new trading platform called ‘Binance Liquid Swap’ to further capitalize on the ongoing DeFi boom. The automated market maker [AMM] pool product which aimed at hosting different pools of liquidity that allow its users to exchange crypto assets was reportedly the first of its kind in a centralized exchange.
The first venture of the company into the DeFi space was the launch of Binance Smart Chain on 1st September.
