Binance expands its decentralized finance-based services with the creation of a new platform that will enable users to farm new assets and receive incentives for stalking.
The platform (Launchpool) was announced on Sunday. And the first project on this platform is Bella Protocol (BEL). Stalking can be done with BNB, BUSD, and other tokens.
Binance also disclosed that users would be able to stake BNB, BUSD, or ARPA tokens from September 9 within three different pools to farm BEL tokens for 30 days. These tokens will have an hourly recording for 30 days after the staking period produces an average daily staking balance for each day. There will also be an even division of all incentives for each pool daily for 30 days.
Bella Protocol provides a DeFi aggregator that aims at making its services user-friendly and easily accessible. The protocol is also offering an asset management platform with low transaction fees. The project recently raised $4 million in seed funding and is supported by Alphabit, Consensus Labs, and Force Partners. Alongside the addition of BEL token to the farming platform, Binance is also adding the token to its exchange spot against Bitcoin, Binance Coin, BUSD, and Tether on September 16 at 6 am (UTC).
Binance is expanding
Recently, the DeFi ecosystem is experiencing massive expansion, plus the increase in users. And centralized platforms are widening their horizons by creating projects to follow the ongoing trend.
Meanwhile, Changpeng Zhao (Binance CEO) already made references to the risks associated with the DeFi tokens. But he also pointed out the reason behind the listing on Binance. He wrote on Twitter:
“If we don’t list new DeFi coins, traffic goes to other exchanges, and we will become obsolete. Binance provides access to liquidity, as we don’t force you to buy. All coins are at high risk, especially DeFi.”
However, the tweet received a lot of backlash from other cryptopreneurs, which made him take it down to avoid unnecessary uproar.
Also, Binance launched an automated market maker (AMM) linking to its centralized platform. The market maker allows liquidity providers to earn interest and income on trading fees.