Binance Smart Chain Bags Yet Another DeFi Integration

Published October 25, 2020 | Updated October 25, 2020

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Binance Smart Chain Bags Yet Another DeFi Integration

Not a day goes by without the Malta-based cryptocurrency exchange, Binance launching a DeFi-based product. The platform has been on a roll with its decentralized finance [DeFi] expeditions. In the latest news, Binance Smart Chain completed integration with Rubic multichain DeFi platform.

With this new development, Rubic will now allow users to create, manage, and trade decentralized tokens and simplify DeFi services for users and projects in the Binance Smart Chain.

The official announcement stated,

“The following integration scenarios are currently accessible: create a token, make a crowd-sale, and start trading. All of these functions can be executed on the same platform thanks to MyWish & Rubic integration.”

New DeFi Projects Driving Binance’s Growth

Rubic becomes the latest integration on Binance Smart Chain which has seen a vast number of projects in a very short span of time. It is no doubt that BSC has gone on to become one of the hottest platforms for DeFi and Coingape had earlier reported that the decentralized public blockchain was climbing close to the $250K milestone in terms of the total number of distinct addresses as users continued to flock in. As of 23rd October, the address count was only a few numbers short of the aforementioned level.

Source: BSC Scan
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Binance CEO Changpeng Zhao had previously shown significant bullish sentiment for DeFi, as he invited several Ethereum-based DeFi projects to join Binance Smart Chain. While he did clarify that the Smart Chain is not a rival to Ethereu, the exec stressed that BSC never targeted to replace Ethereum and instead just happens to be ETH-compatible. It was built to offer a platform for different DeFi projects by giving more options to the users including cheaper fees.

Source: BSC Scan

The rising popularity can be also evidenced from the daily transaction chart compiled by BSC Scan which noted a steady upward trajectory. As of 22nd October, the total number of transactions stood at 175,414.

In the meantime, the DeFi frenzy gave BNB a massive boost in its price, as the new Smart Chain enables liquidity providers to make deposits and yield rewards in Binance’s native token. It was currently priced at $31.01.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Ketaki Dixit 94 Articles
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