Binance joins DeFi Space with the launch of Binance Liquid Swap

The important crypto exchange Binance dives into the world of DeFi products An automated market maker called with a new offer Binance Liquid Swap.

Addressed directly to Uniswap and their colleagues, Binance to launch an AMM liquidity pool that allows users to provide liquidity by depositing tokens. Like the world’s most popular decentralized exchange, Binance Liquid Swap also allows users to earn interestas well as a reduction in trading fees for the pool.

The market launch is AMM’s first pooled product on a central exchange and is integrated into the exchange of Binance.comthat allow users Pool tokens in your wallets to earn rewards.

Binance joins DeFi Space with the launch of Binance Liquid Swap
Binance joins DeFi Space with the launch of Binance Liquid Swap

According to the announcement, AMM uses a pricing module instead of an order book to provide more stable pricing and lower transactions. The company is prioritizing liquidity for its own tokens, so the first pools offered at launch are USDT / BUSD, BUSD / DAI, and USDT / DAI.

Earnings are cumulated with an equivalent annual percentage return (APY) of 7 days, with the returns being converted into assets in the respective wallets. Transaction fees and prices are determined by the number of assets in the liquidity pools.

The Binance CEO, Changpeng Zhao, said the new products aim to attract more volume and attendees:

“We look forward to fueling the growth of the DeFi market and providing our users with greater profitability and easier liquidity through a centralized AMM pool with the credibility, security and protection that Binance offers.”

Uniswap is currently the world’s most popular token exchange and decentralized exchange protocolAccording to the analytics panel, the company has more than $ 1.8 billion in liquidity.

Binance Liquid Swap is the second DeFi company the company did in a week. On September 1, the crypto exchange targeted Ethereum with the launch of ‘Binance Smart Chain’, a new blockchain platform compatible with Ethereum smart contracts and interoperable with the current Binance chain.

The company said the platform has been optimized for DeFi, with favorable transaction fees reduced by up to 1 cent. The network can generate a block every 3 seconds and offers staking rewards for the BNB token.

Similar Posts