Binance Joins The DeFi Craze, Unveils New Platform For Yield Farming
Binance, the world’s largest cryptocurrency exchange, has unveiled details of a new product called Launchpool. This platform will allow users to stake assets and earn interest-bearing rewards in yield farming.
Binance Users Can Now Stake And Earn Yield On Bella Protocol
Decentralized Finance, better known as DeFi, has become the most-talked-about topic in the cryptocurrency industry. Further fueling DeFi is the newly-introduced yield farming.
Going by the announcement on September 6, Binance exchange is not getting left behind the DeFi hype. The exchange revealed that it has introduced a new platform called Launchpool. The platform’s first project is Bella Protocol (BEL), and it will let users stake Binance Coin (BNB), ARPA token, and BUSD stablecoin in three separate pools to farm BEL tokens starting from September 9.
Commenting on this new development, Binance CEO 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 Protocol as Launchpool’s first DeFi offering on the Binance platform, and are delighted to offer Binance users the opportunity to securely farm new assets.”
Although 5% of the total BEL token supply has been set aside for staking rewards, staking Binance’s BNB token will yield the highest rewards. Specifically, users who stake BNB will earn 90% BEL rewards, 9% for staking BUSD, and 1% for staking ARPA.
Rewards for this project will be distributed for 30 days from this coming Wednesday. A week after that, on September 16, Binance will list BEL token for trading on the exchange.
The Bella Protocol aims at streamlining the DeFi experience by leveraging the “1-Click” design and also cutting the gas fees. Bella co-founder and CEO Felix Xu postulated:
“At Bella, we want to bring your everyday banking experience to crypto. A majority of crypto holders cannot participate in DeFi due to high cost and poor user experience. With Bella, users can save gas fees and time, enjoy high yield from sophisticated strategies, and leave all the heavy-lifting to us. We aim to become the BlackRock of crypto and bring 10x more users to the DeFi ecosystem.”