April 25, 2024

DeFi staking on Binance crypto exchange

Staking DeFi on the Binance crypto exchange

Crypto exchange Binance has announced that its platform for staking DeFi protocols has officially launched. On Wednesdaythe platform announced support for DAI, a stablecoin generated by borrowing on the MakerDao platform. Later on Thursday, Binance announced staking support for a second asset, Kava.

Kava is mainly a staking platform,backed by Huobi, Binance and OKEx. It also has its own token with the same ticker. With this development, Kava users no longer need to interact with the app to receive rewards. Instead, users can directly go through the Binance staking platform.

Binance CEO Changpeng Zhao comments on the event:

“Binance users asked foraccess to DeFi. Binance prioritizes user experience, and in the spirit of the community, now offers direct integration with these DeFi products, allowing product value to flow to users, and this happens with KAVA and BNB, among other tokens. "

Kava CEO and co-founder Brian Kerr said the DeFi sector is just the tip of the iceberg right now with massive adoption ahead.

DeFi staking will allow users toparticipate in solving various issues by voting according to the Proof-of-Stake model. Staking takes place using smart contracts and also allows users to receive passive rewards for blocking their cryptocurrency.

Binance and other cryptocurrencies remain optimistic about the future of DeFi

Well-known personalities have already begun to switchits focus on the DeFi market. Decentralized finance offers some pretty promising use cases, redefining traditional financial systems and creating more transparent and efficient systems.

Recently, in an interview with the Boxmining YouTube channel, Changpeng Zhao expressed confidence in the future of the new field:

«I think DeFi is reallyan innovative space, and I think a really good one. At first, when people talk about DeFi, they think about lending, being able to lend your coins, but now you're lending coins to provide liquidity.

Zhao also acknowledged that Binance has taken on a number of initiatives in the new area. In addition, the exchange is also working on its own DeFi projects.

TRON founder Justin Sun also spoke about the coming DeFi revolution at the 2020 Global Blockchain Conference hosted by Alchemy Pay.

Sun said that the Tron Foundation has already been working on DeFi since early 2020:

“The next opportunity for the DeFi industry lies in TRON. I believe that by the end of this year TRON will become one of the leading protocols for DeFi and will face Ethereum. ”

Staking DeFi on the Binance crypto exchange

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