The big news of the year for the crypto world has been, without a doubt, the rise of decentralized finance. And, after years of being only a promise for the distant future, the DeFi sector has finally started its upward career. Increasing its capitalization exponentially in just a few weeks. For this reason, and because of the importance they are acquiring, today we bring you our DeFi summary while the boom continues.
Binance launches its DeFi project: Liquid Swap
Binance Liquid Swap is one of the most anticipated news by the crypto community. And it is that, although Binance had demonstrated its commitment to decentralized finance from the beginning. Until now the exchange had not launched a DeFi product directly on its own. Dedicating itself to providing the users of its platform the use of it to participate in the multiple DeFi projects that currently exist in the market.
This changed with the launch of Binance Liquid Swap. A product designed to allow direct exchange between USDT, BUSD and DAI. For which three different pools were created for each of the virtual currencies. In which Binance users can deposit their cryptocurrency tokens, establishing an exchange price between them automatically based on the number of coins that exist in each pool.
In this way, those who want to make exchanges between these currencies will be able to do so immediately with guaranteed liquidity and with lower commissions than in a traditional exchange. While those who participate by depositing tokens in any of the three pools will receive a fraction of the commissions for each swap operation carried out. With which, with this project, Binance begins to stomp in the DeFi sector.
Chainlink integrates with RIF amid the boom
Since the beginning of the DeFi fever, Chainlink has been a true benchmark for the industry. Being one of the oldest and most important projects, by providing a link between the smart contracts created in the Ethereum Blockchain and platforms outside the crypto world. Allowing operations such as bank transfers to be executed from smart contracts.
However, until now Chainlink had not managed to easily integrate with the Bitcoin chain. Leaving the users of the world’s first cryptocurrency without the possibility of taking advantage of the nexus between DeFi and platforms outside the crypto world.
That would change now thanks to the integration between Chainlink and RIF. Thanks to which, the project would start working with RIF Gateways. Service that allows developers working with the RSK Blockchain, based on Bitcoin, to create smart contracts. Therefore, the integration between Chainlink and RIF would be the gateway for the former to the Bitcoin blockchain.
Binance futures contracts hit record high thanks to DeFi
The boom experienced by decentralized finance in recent weeks has not only allowed the emergence of dozens of new decentralized finance projects. If not, it has also opened the doors for organizations in the crypto world to take advantage of this DeFi fever to generate profits.
And one of the companies that has taken advantage of the DeFi boom has been Bitcoin. Which, by listing more than 17 new tokens for trading with future contracts in August. It opened the doors for users of the platform to start investing in derivatives of DeFi tokens.
Thanks to this, the volume of transactions with futures contracts on altcoins within Bitcoin increased significantly. Reaching the record figure of $ 20 billion during the month of August. Showing the existing interest within the crypto market in products based on DeFi.