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What Binance’s choice of integration protocol tells us about DeFi projects

Published 08/26/2020, 06:43 AM
Updated 08/26/2020, 08:20 AM
What Binance’s choice of integration protocol tells us about DeFi projects

Compound Finance and Kava Labs were chosen as Binance’s two integration partners for the leading cryptocurrency exchange taking its first step into decentralized finance by launching DeFi staking. Time will tell if the benefit of Compound and Kava’s integration will provide value to the crypto community. So far, the indication looks promising, as the new DeFi staking product integration on Binance reached oversubscription in 30 minutes. With Kava launching its testnet soon, thereby allowing for even more than just Binance Coin (BNB) to migrate to its exchange, the bridge to USDCoin (USC) and Tether (USDT) finding their way onto Kava is just the beginning.

This integration is a testament to the idea that Kava and Compound Finance are going to be around for a while, as opposed to the other category of DeFi projects that are now all being related to the YAMs and yEarns of the world, or “Y” projects for short.

Andrew Rossow is a millennial attorney, law professor, entrepreneur, writer and speaker on privacy, cybersecurity, AI, AR/VR, blockchain and digital currencies. He has written for many outlets and contributed to cybersecurity and technology publications. Utilizing his millennial background to its fullest potential, Rossow provides a well-rounded perspective on social media crime, technology and privacy implications.

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