Binance announced the launch of the Launchpool platform this Sunday, September 6th. The Binance Launchpool is a DeFi-based platform that enables its users to farm brand new digital assets by way of staking them. The industry calls this process ‘yield farming,’ and it seems like the world’s largest crypto firm is all up for it.
As per its official announcement, Binance clarified that Launchpool users would have the chance to stake out their BNB tokens, ARPA tokens, and BUSD stablecoins in exchange for substantial rewards. Yield farming has been prevalent on the DeFi platform as of late, and this latest development within Binance is seen by many as its intricate way to get on board the profitable craze and the surging sector.
Binance Launchpool’s very first project will be dubbed the “Bella Protocol (BEL),” which will immediately be released this September 9th. This particular project is expected to smoothen out the complicated issues regarding user experience handling DeFi assets. A great example of these said issues is the requirement to switch among varying platforms and protocols in an effort to land more substantial gains. Users within this latest project may stake the same tokens mentioned above on three different farming pools to yield profits in the form of BEL tokens.
Staking processes is set to start the same date as the project’s launch and will be open for over 30 days. Furthermore, Binance announced that it would be enlisting BEL tokens this September 16th and will be available for open trading.
Notably, this development came almost immediately following Binance Smart Chain’s launching, which is also seen by many as the firm’s attempt to get on the DeFi bandwagon.