Binance Rewards Six Defi Protocols with $350,000 Grants As Part of Its $100M Fund

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Yesterday, October 14, Binance announced the chosen six protocols that will be rewarded by the $350,000 grants as part of its $100 million accelerator program announced this last September. Among the 180 plus projects that applied for Binance’s grant, blockchain projects Arkane Network, AnySwap, Bitquery, BakerySwap, Proxima, and PancakeSwap were the six chosen to receive the grants. According to the announcement, the six projects above were selected via the criteria examining groups, products, and overall positive contribution to the blockchain.

Changpeng Zhao, founder and CEO of Binance, stated that the $100 million accelerator program by the firm aims to support and elevate the developmental processes of DeFi projects in order to unlock the sector’s true potential. Notably, the protocols applied for the program, and those that were selected are all part of Binance’s Smart Chain.

The Binance Smart Chain

It was this last September wherein Binance launched its very own blockchain network – the Binance Smart Chain. This particular blockchain is highlighted by its low network payment features and three-second block times. Despite only being a month old, Binance’s Smart Chain has already seemingly attracted the attention of some of DeFi’s most prominent protocols. 1inch, Aave, and dForce have already expressed their intentions to work with the budding blockchain.

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