After Binance announced the $ 100 million fund, 180 DeFi internal projects applied for a grant. It has now been announced which projects the company has decided on.
Binance announced on October 14th that it would fund six DeFi projects built on the company’s blockchain. Binance’s Smart Chain was created to attract such internal projects. The innovation has now proven successful. More than 180 projects had applied for a grant since the $ 100 million funds were announced in September. One of the goals of the fund was to connect the centralized financial world with the DeFi movement.
Binance announced that the DeFi projects would be examined based on various criteria. In the end, AnySwap, Arkane Network, BakerySwap, Bitquery, PancakeSwap, and Proxima were lucky. The projects will now receive a grant of US $ 350,000.
PancakeSwap is considered the company’s most successful DeFi project because it is the front runner in terms of volume, number of active users, and contribution to gas charges. The project is an Automated Market Marker (AMM). AMMs are decentralized exchanges that use mathematical formulas to calculate the price of a token.
Changpeng Zhao, CEO of Binance, said the fund is designed for projects of this kind. You have to support such projects that help build the infrastructure of the industry. After Binance launched the mainnet of its smart chain in September, some projects such as Aave and dForce announced that they also wanted to integrate into the company’s blockchain.