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Binance on DeFi: BSwap AMM and Launchpool Launched

Binance on DeFi: BSwap AMM and Launchpool Launched

Leading cryptocurrency exchange Binance continues to embrace DeFi potential by launching BSwap, its new token swapping platform, and Launchpool, a platform where users can securely farm new assets.

Following the release of the Binance Smart Chain, Binance has once again opened its doors to another profit-making opportunity for users. BSwap provides users with instant liquidity and cheaper fees through an automated market maker (AMM) system.

All liquidity providers can take leverage of the BSwap AMM liquidity pool which supports Binance USD (BUSD), Dai (DAI), and Tether (USDT).

With this new DeFi-inspired product, mainly to battle against the ongoing dominance of Uniswap, Binance allows its users to quickly complete a token exchange through the Swap Pool or become a liquidity provider by depositing their funds into the Liquidity Pool.

Now, those traders who add liquidity to the pool by adding their funds will earn fees generated by the pool transactions. In this manner, they can also enjoy interest incomes from crypto.

The Binance team has proudly stated that “with the launch of Binance BSwap, [they] are taking it one step further by encouraging more growth in the DeFi market,” yet Binance CEO Changpeng Zhao (CZ) reminded people of the risk that new sectors entail.

As CZ believes in the core concept of “staking coins to provide liquidity and earning a return,” the exchange has also unveiled today Launchpool, a new product where users can acquire new token rewards in return for staking Binance Coin (BNB), BUSD, and other tokens.

Indeed, Binance aims to be a showstopper in the field of merging CeFi and DeFi together as BSwap claims to be the first AMM liquidity platform to be built on top of a centralized exchange.

Moreover, the first project that will kickstart on Launchpool is Bella Protocol, a crypto wealth management suite that offers one-click crypto banking.

An aspiring journalist who spills her ideas in cryptocurrency and blockchain-related matters. With her background in Communication and Journalism, she is more inclined to write about reality than fiction.