Binance Accelerator Fund Awarded To Anyswap

Binance Accelerator Fund Awarded To Anyswap

Binance just awarded Anyswap and five other projects grants worth $350,000 from its $100M Accelerator fund.

Crypto exchange giant Binance has provided funding for six DeFi protocols building on the Binance Smart Chain. It was announced on October 14 in a statement released by the company. The projects that will receive the grants are Anyswap, Pancakeswap, Arkane Network, Proxima, Bitquery, and Bakeryswap. Over 180 projects applied for the accelerator funds, which was announced in September. The projects that were chosen were based on the contribution of the projects to the blockchain network then the teams behind it as well as the products on offer by the projects.

The motive behind the accelerator fund

There are strict criteria used during the qualification and evaluation of DeFi projects that applied for the accelerator fund. The first is that the projects must be built on the Binance Smart Chain. This is seen by many as an attempt to actively attract top-quality DeFi protocols to the Binance Smart Chain. The money will serve several purposes, which include projects’ seed funding, and it is targeted at projects in the early startup stage. Additional funding could be provided down the line through established mediums such as Binance Labs, Binance X, etc.

Furthermore, part of the fund will be geared towards liquidity for protocols that are audited and certified. The accelerator fund is aimed at helping to link the exchanges and centralized finance ecosystem. As mentioned earlier, a total of six projects have been selected as the take-off projects that will have the first taste of the accelerator funds. These include projects ranging from gaming solution providers, swap protocols, data platforms, to automated market makers.

A peep into the Binance Smart Chain

The Binance chain offers certain benefits that several DeFi protocols may find appealing such as increased DeFi interoperability through cross-chain mechanisms, cheap transaction fees, quality network performance, etc.

Anyswap’s win: a step in the right direction

The selection of Anyswap in the first round of the accelerator funding bodes well for the future of the project and it shows how far the project has come since it was launched.

DeFi is taking a new turn

Blockchain like the Binance chain offers more scalability and some level of interoperability across several chains. Blockchain offerings from firms like Binance and Fusion are willing to take DeFi towards a new turn. These firms are ready to spend big to achieve this aim, which we can see in concepts like Binance Accelerator Fund.

Since launching the Binance Smart Chian, several projects like Aave, dForce have shown willingness to come on board. Additionally, several more projects such as Bakeryswap, Burgerswap have launched their protocols on the Smart Chain.

Conclusion

A decentralized cross-chain swap protocol.

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