The big news of the year for the crypto world was undoubtedly the rise of decentralized finance. After years of being just a promise for the distant future, the DeFi sector has finally begun its ascendant career. Increasing its capitalization exponentially in just a few weeks. Because of this, and because of the importance they are gaining, today we bring you our DeFi summary as the boom continues.
Profit taking in DeFi drags Ethereum down
Binance launches its DeFi project: Liquid Swap
Binance Liquid Swap is one of the most expected news by the crypto community. And that is because, although Binance had demonstrated its commitment to decentralized finance from the beginning. Until now the exchange had not launched a product directly DeFi by itself. It is dedicated to provide 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 the 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 tokens of the crypto-currencies, establishing an exchange price between them automatically based on the amount of currencies in each pool.
In this way, those who want to exchange between these currencies can 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 performed. Thus, with this project, Binance starts to be strong in the DeFi sector.
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Chainlink integrates with RIF in the midst of the boom
Since the beginning of the DeFi fever, Chainlink has been a real reference for the sector. It is one of the oldest and most important projects, 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 been able to integrate easily with the Bitcoin chain. Leaving users of the world’s first crypto currency without the possibility of taking advantage of the link between DeFi and platforms external to the crypto world.
That would now change thanks to the integration between Chainlink and RIF. Thanks to this, the project would start working with RIF Gateways. Service that allows developers working with the RSK Blockchain, based on Bitcoin, to create smart contracts. So, the integration between Chainlink and RIF would be the gateway for the first to the Bitcoin blockchain.
Future Binance contracts reach record numbers 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. It has also opened the door for organizations in the crypto world to take advantage of this DeFi fever to generate profits.
And one of the companies that has best taken advantage of the DeFi boom has been Bitcoin. Which, by listing more than 17 new tokens for negotiation with future contracts in August. It opened the door for platform users to start investing in DeFi token products.
Thanks to this, the volume of transactions with futures contracts on altcoins within Bitcoin System increased significantly. It reached the record figure of $20 billion during the month of August. Showing the existing interest within the crypto market in products based on the DeFi.