Binance, the world's largest cryptocurrency exchange, has just announced six blockchain projects on Binance Smart Chain that will receive funds from its $100M Accelerator Fund, according to a press release shared with iHodl. The six projects include AnySwap, Arkane Network, BakerySwap, Bitquery, PancakeSwap and Proxima, which will receive a total of $350,000 in funds.
The first batch of projects range from AMM (Automatic Market Maker), data platform to gaming solution provider, among which PancakeSwap has been the number one liquidity provider on Binance Smart Chain in terms of volume, active users and gas fee contribution. Over 180 projects have applied for grants under the $100M Accelerator Fund, and now six have been selected based on strict selection criteria, including team, product, vision and contribution to the blockchain ecosystem.
Binance rolled out the $100M Accelerator Fund in September to boost DeFi projects and build a bridge between centralized finance (CeFi) and DeFi. The initiative gives priority to developers who work on the development of infrastructural and functional apps on Binance Smart Chain aimed at building a new decentralized financial ecosystem. In addition to the funding, selected projects are also granted access to resources of the broader Binance ecosystem, including Launchpad, Launchpool, incubation, education and more. Binance's CEO Changpeng Zhao (CZ) said:
"We are committed to fostering innovation in blockchain technology, and building products and services that provide our users with financial freedom and opportunities. We launched the $100M Accelerator Fund to further support the development of high-quality DeFi projects that contribute to building the industry’s infrastructure and technologies to better unlock DeFi’s potential."
Another initiative aimed at building a bridge between CeFi and DeFi is the Token Canal project, which helps developers connect Binance Smart Chain with several blockchains, allowing this way users to transfer different network tokens to and from Binance Smart Chain, including BTC, ETH, XPR, etc.
Binance launched in September the Binance Smart Chain mainnet with community developers around the world. The public chain supports smart contracts and it’s EVM (Ethereum Virtual Machine)-compatible, providing developers with an alternative to build DeFi and other decentralized apps on blockchain with faster speed (around 3 second block time) and a lot lower fees (the average transaction fee is 2 cents).
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