Binance ‘Brings the DeFi Experience’ with New Yield Farming Platform

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In Brief
  • Binance has unveiled Launchpool, a platform for farming different DeFi assets.

  • The Bella Protocol will be the first project to participate on the platform.

  • Many people expressed skepticism over Binance's move further into DeFi.

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In a blog post on Sept 6, the Binance cryptocurrency exchange announced one of its newest projects, the Launchpool platform.

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According to the post, the new platform will enable users to farm new assets securely and is part of an effort to “Bring the DeFi experience to Binance.”

The inaugural project for Launchpool will be the Bella Protocol. By participating in Launchpool, users will be able to stake BNB, BUSD, or ARPA tokens into separate pools to farm $BEL tokens over 30 days. This will begin on Sept 9, 2020, at 00:00 AM (UTC), and Binance will subsequently list the $BEL token at 6:00 AM (UTC) on Sept 16, 2020.

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Binance Hosts Bella Protocol

The Bella Protocol offers a suite of DeFi products and is intended to make DeFi more accessible to the average person.

According to Bella’s Co-Founder Felix Xu, the protocol will help users save on gas costs and enjoy high yields. Notably, the Bella Protocol raised $4.5 million via a private token sale conducted last month.

Binance CEO and Founder, Changpeng Zhao, greeted the news with enthusiasm, “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 farm new assets securely.”

He followed this statement by tweeting:

CeFi Entering DeFi

Binance now joins Huobi Global as another major centralized exchange with plans to get involved in the yield farming mania.

Reaction to the news was mixed. One Twitter user replied, “If Binance is to be taken seriously, it needs to come clean on how it listed SUSHI, how much it made in fees & margins, & how much its trading team made betting against its customers.”

According to the exchange, anyone can participate in Launchpool and users can farm BEL in the seven days before it is listed, and the APY will be shown once one week later.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Colin is a writer, researcher, and content marketer with a keen interest in the future of money. His writing has been featured in numerous cryptocurrency publications, and his holdings don't amount to more than a handful of BAT.

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