Binance Coin Up By 15% On DeFi, But What Does It Aim To Achieve With DeFi and CeFi Bridging?

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Binance Coin (BNB) is up by 15% in the last 24 hours because of DeFi. This is a major stride in what has been a dull market in the last few days. Moreover since it is the weekend, when generally there are few critical price moves.

Since this move, the coin is now within earshot of breaking above $30, which would set a new high.

After a consistent year that has broken its upward trajectory in the last few weeks, bulls are keen to get the winning streak back and end the next few months on a high. With a new high in price and higher position in the rankings.

Some of the ways Binance is improving and ensuring the token still has real value is through its recently launched from Binance Smart Chain.

Whats Coming?

This has further ensured that the platform can now venture into the DeFi world. Even most recently announcing a seed fund worth $100 million USD for DeFi.

This fund and other initiatives from Binance aim to further support the DeFi ecosystem and solutions to bridge DeFi and CeFi ecosystems. 

With the briding of DeFi and CeFi, the power will be in the hands of Binance coin holders.

For instance, with the launch of Binance Smart Chain, we have introduced the Proof of Stake Authority consensus mechanism, which adds a staking functionality for BNB, the native token of the Binance ecosystem. BNB holders participating in staking will receive BNB rewards from Binance Smart Chain’s validators and benefit from the same interests of DeFi staking returns on the CeFi platform.

There has been much hype around DeFi but still, there is doubt that with the wrong approach, this could turn into a great bubble. One of the best ways to ensure this is to get into partnership with the right team. One of these is Binance.

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Author: Simon Njenga

Crypto analyst and Author

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