Binance, the major crypto exchange, announced its intention to finance six projects based on the company’s Snmart Chain.
In a statement on 14 October, Binance announced that the block chain projects AnySwap, Arkane Network, BakerySwap, Bitquery, PancakeSwap and Proxima would receive grants of $350,000 from the company’s $100 million fund. Since the Fund’s announcement in September, more than 180 projects have applied for grants. The company selected the six projects based on specific criteria. The teams, products and contributions to the Blockchain ecosystem played a role in the selection process.
The CEO of Binance Changpeng Zhao said that the Accelerator Fund is designed to support the development of high quality DeFi projects that help build the industry’s infrastructure.
One such project is PancakeSwap, an automated market maker. This is the name given to a decentralised exchange that relies on mathematical formulae to determine the price of a token. Binance explained that the project is the „number one liquidity provider“ in its smart chain in terms of volume, number of active users and contribution to gas charges.
In September, Binance launched the mainnet of its smart chain. A block chain of Smart Contracts running parallel to the Binance Chain. Several DeFi protocols, including Aave, 1inch and dForce, have stated that they intend to build on the chain.