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Binance Platform for Users to Farm Crypto Assets

Binance

October 22, 2020 | 

JOHN K MWANIKI |  1 Comments| 

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Binance has cemented its place as the world’s leading crypto exchange. This is after launching a Launchpad platform that allows the exchange of users to farm new crypto assets.

Users will stake Binance Coin (BNB), BUSD, and other tokens to gain rewards. The company announced earlier in the week that the BEL token would be the first in the platform.  

The staking comes in pools for investors to earn profits as staked liquidity. The farming of BEL started on September 9th and ran for 30 days.

Afterward, the company was planning to expand BEL for extra functionalities. It launched BEL trading on September 16th. Some of the open trading pairs availed on the exchange were BEL/USDT, BEL/BNB, BEL/BTC, and BEL/BUSD.

The rewards from staking BEL are some of the best in the exchange. It provides for 9% staking rewards for BUSD and 90% for staking BNB. Staking ARPA fetches rewards of 1%. 

The BEL token has a current market supply of 100,000,000 coins. The total rewards by the end of the staking were 5,000,000 BELS (5%), with the period ending on October 9th, 2020. 

The move has been valuable for the coin as it saw a value increase. The token rose from trading at $0.75 during the launch to over $1 by the end of the staking period. It currently trades at $1.01. 

The move by Binance to incorporate farm crypto assets is to embrace the Defi coins. It is looking to allow its users access to the currency. It will also gain from increased trading activity. Thus, maintaining its status as the leading cryptocurrency exchange.

Benefits of BEL Token

Binance chose BEL as the leading asset due to its several benefits. It allows for discounts for the use of the Bella protocol. 

It also supports staking, voting, rewards, and governance. All this one can access on-chain via custodial services. 

The protocol comes with high-end automation. The investor can concentrate on other activities while their assets grow. It also provides for zero gas fees hence affordability to everyone. Still, the protocol is all about high returns. It automatically routes funds to pools with high returns.

The protocol has partnered with several entities as a show of its credibility. Reputable Peckshield also regulates it. It is thus a natural leading choice when Bitcoin introduces asset farming.

Still, Bella conducted a private token sale in August 2020, raising 4.50MM USD. It attracted some notable investors like BlockWall Capital and Alphabit. It also had Force Partners, Consensus Labs, and several more.

The protocol wants to ensure fast and cheap transactions within the platform. 

Binance will keep on introducing new coins into the fold. It only has to ensure the demand and assured services to consumers.

The Crypto Exchanges Rush to Defi Boom 

The current financial year has been so great for Decentralized finances. It has had a financial boom running through months—the move impacting the whole market.

For the first time, coins like Ethereum outperformed Bitcoin. Working as the operational platform for DeFi, Ethereum expanded with massive gains. It yet had a challenge afterward as it could not handle the surge. The costs of transactions went higher, while speeds were reduced.

The period came with a market correction, with some entities predicting the end of the boom. The Defi has still shown resilience. The use of cases on financial practices means they are still a favorite. The demand for the coins was still on.

The crypto exchanges have been reacting to the increasing demand. They are looking to ride on the current frenzy even as the coins pose several risks. 

Binance CEO Changpeng Zhao acknowledges the need for listing even with the risks. He opined that the exchange would go obsolete without listing the tokens. They would lose traffic as some other exchanges listing the token take over. He also stressed on the fact that all digital currencies are high risk. Also, traders only buy at liberty.

The statement did not go down well with most of the digital currencies’ users. He had to pull down the tweet over the backlash. 

For now, the Defi still has a role to play in the exchanges. Most of them are useful, and the only way to gain is when listed.

Other Binance Developments 

Binance has launched several other services in recent times. It is always looking for ways to make the service the most user-friendly. The first of these is the automated market marker (AMM). This was its first attempt to join the Defi bandwagon. 

The market pool allows liquidity providers to earn interest and income from trading fees. It works similarly to the Defi platform, Uniswap. Binance was yet again the first Bitcoin exchange to introduce such services. It promised more stability and lower fees.

It had, in the same period, launched its smart contracts Mainnet. This was in an attempt to introduce staking for its native token, Binance. 

It was looking to improve the decentralized apps and the DeFi protocols in the platform. 

The blockchain uses a proof-of-stake consensus mechanism. It allows validators to receive rewards on the system without affecting transaction speeds. 

Even though Binance is a decentralized exchange, the new additions allow it to offer centralized services.

Bottom Line 

Binance is doing everything in its power to keep its place as the best crypto exchange. It is looking to ensure traffic by availing all the tokens on demand. The latest in the line of new entrants is the platform to farm crypto assets

The exchange provides a platform for staking, and users gain rewards. Even though it started with the BEL token, it has included other popular tokens. The move has bolstered its ability to take advantage of the Defi boom.

It also has, in the same period, launched an automated market marker and smart contract Mainnet.

The only concern is the possible risky nature of Defi coins. Still, the whole of the virtual currency economy is risky. Binance has to embrace the demand to keep up with customer satisfaction. In the future, it will keep being the leading most innovative exchange in the crypto world.

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Lisa Donalds
Thanks to MR. JOE LEWIS for helping me trade, through his professional masterclass trading strategies, I have been able to get my profit in return from my trade. After many times of been defrauded of my funds, i finally get to cashout $17,300 profit. he's

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