- Binance’s Launchpool platform was presented as a safe way to do yield farming.
- Binance’s native token price (BNB) has seen a 31.80% increase in one week.
After the success of the DeFi sector on Ethereum and its growth to over $8 billion in total value locked, new potential competitors are emerging. In addition to TRON CEO Justin Sun and its sun.market platform, crypto-exchange Binance has now deployed the Binance Launchpool.
The new Binance product was launched a week ago and has been conceived as a platform for users to benefit from the advantages of yield farming securely. The platform uses Binance’s native token BNB and BUSD so that users can stake them for new tokens and a percentage of annual profits (APY).
Currently, users can perform yield farming to obtain BEL, WING and SXP. However, new tokens are expected to be available on the platform soon. Unlike the protocols in the DeFi sector, Binance has promised a secure and reliable way of obtaining yields. In addition, the exchange interface may be easier to use for investors with little experience in the DeFi sector. To access the product, users only need to go to the Binance “Savings page” and click on the available tokens (BNB, BUSD, ARPA) with the label “Launchpool”.
Binance brings the “DeFi fever” to retail investors
Data presented by the exchange and its CEO, Changpeng Zhao, show that the platform has had favorable results. Currently, according to the data from Binance.com users can get an APY close to 90% for staking BNB and 40% for BUSD with the BEL token. About this yield farming model of Binance, a partner of the Spartan Group Source…