Binance is going to donate $ 350,000 to six DeFi projects that run on the Binance Smart Chain (BSC) blockchain.
According to a press release, in September, the exchange launched a fund to support promising DeFi projects. “We launched a $ 100M stock that is going to fund the development of quality projects to unleash the full potential of DeFi,” said Binance Founder and CEO Changpeng Zhao.
Six projects at BSC - AnySwap, Arkane Network, BakerySwap, Bitquery, PancakeSwap, and Proxima is going to receive the grant. They were selected from 180 projects (all at BSC) that have applied for a grant.
Binance claims these projects were selected "based on rigorous selection criteria, including evaluating the team, product, and value in the blockchain ecosystem." The PancakeSwap project holds over $ 218M in its smart contracts and is the most extensive liquidity provider to BSC.
Today, Ethereum is the chief platform for DeFi projects. DappRadar estimates that 96% of all DeFi transactions take place on the Ethereum blockchain.