Komal Joshi · Oct 19, 2020 . 6min read
Binance enters the DeFi space, launches Binance Launchpool & Bella Protocol
With the aim to expand in the DeFi sector, Binance Launchpool introduces its first DeFi based Bella protocol to enhance DeFi ecosystem.
By Komal Joshi · Sep 7, 2020 . 7min read
Binance Launchpool is the latest Binance platform that enables users to safely farm new assets by staking BNB, BUSD, and other coins. Binance announced the launch of the Bella protocol via a blog post. The Bella Protocol will participate as the first project in the Launchpool. The Bella Protocol presents a series of Defi products for streamlined crypto banking experience. Its central concept is a “1-Click” design, which renders DeFi’s yield farming more user-friendly at a lower cost.
Bella automates everything conceivable, subsidizes gas fees, and presents both new and experienced users by on-chain and Bella custodian service. It aims to offer a better experience to all, with lower cost and better user experience. As the loss of these two is why most crypto holders aren’t capable of participating in DeFi.
Savouring DeFi Experience With Bella Protocol
According to the blog post, users can enjoy the DeFi experience, saving gas fees and time, acknowledging their high yield from modern strategies, and transmitting the heavy-lifting to the Bella Protocol. Further, this new strategy intends to bring ten times more users to the DeFi ecosystem, expanding this experience to Binance. BEL token holders have many advantages. Moreover, these incorporate the ability to stake and gain revenue accumulated within the Bella ecosystem, receive fee discounts, earn staking rewards, and vote for network enhancements.
The Binance Launchpool’s Bela protocol provides Binance users to stake their tokens into three separate pools, in which they can farm BEL tokens over 30 days. The event will commence on September 9, 2020, at 00:00 AM (UTC) and end 30 days later. The Binance Exchange will also list BEL on September 16, 2020, at 6:00 AM (UTC) and open trading for BEL/BTC, BEL/BUSD, BEL/BNB, and BEL/USDT. To participate and stake BNB, BUSD, or ARPA, users may stake their tokens by visiting the Binance Savings page. Further, Bella Protocol is an aggregated user interface for existing Decentralized Finance (DeFi) protocols.
Binance’s Road Ahead
It looks like Binance is taking massive initiatives looking at the potential growth of the DeFi space in the future. Apart from the DeFi sector, it is also working for the cryptocurrency and blockchain sector. Earlier, Binance collaborated with privacy-centric blockchain-powered cloud computing developers, Oasis Labs, to combat fraud in the crypto space.
Additionally, Binance declared the launch of the mainnet of its smart contract-enabled blockchain and is offering to stake for its native Binance (BNB) token. The new blockchain will adopt a “Proof-of-Stake” Authority (PoS) consensus mechanism. Henceforth, with Binance Launchpool CEX’s are entering the DeFi space. The question remains which of the CEX’s or DEX’s will lead the DeFi space by increased market share.
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