DeFi
Binance launches DeFi staking with Kava and Dai cryptos
Users of crypto exchange Binance can now stake dai and kava as the exchange’s decentralized finance (DeFi) staking platform goes live.
Binance DeFi Staking the program was first announced on Wednesday with Today, the stablecoin generated by loans on MakerDAO. Binance initiative aims to harness this year’s potential Booming DeFi market by offering users the opportunity to earn staking rewards (similar to interest) on certain digital assets.
On Thursday, Binance added kava as a second asset to its staking product. Kava is a DeFi platform backed by Binance, Huobi, and OKEx with a native token of the same name.
Related: Market Wrap: Bitcoin Tops $11.8K; BTC in DeFi doubles in August
In a statement to CoinDesk, Binance CEO Changpeng Zhao said:
“Our users have asked Binance.com to give them access to DeFi. Binance prioritizes user experience and in the spirit of the community, Binance.com now offers direct integration into these DeFi products allowing the value of the products to flow through to Binance.com users and this is happening with KAVA and BNB to name a few.
The move means that Kava users no longer need to interface with the Kava app, but can instead go directly through Binance’s DeFi staking portal.
Learn more: Multi-chain DeFi protocol raises $750,000 in token sale with Framework Ventures
Related: It is now cheaper to buy one Bitcoin than to buy a single YFI DeFi token
Kava CEO and co-founder Brian Kerr said today’s DeFi market won’t look like tomorrow’s, saying the sector is just the “tip of the iceberg” in terms of ‘adoption.
Participation in DeFi means that users can participate, using smart contracts, in various issues by voting in a proof-of-stake model as well as earning passive rewards by locking their crypto.
Learn more: Chainlink Integration Brings Data Feeds to Binance DeFi Project
WarzirX, one of India’s largest exchanges and a subsidiary of Binance, recently announced that it is developing a DeFi product known as automated market maker in collaboration with Matic.