Binance, the world’s largest cryptocurrency exchange in terms of trading volume, launched decentralized finance (DeFi) staking platform, enabling its users to stake cryptocurrencies Dai and Kava.
This new DeFi platform is a part of Binance’s strategic plan to capitalize on the rapid growth in the DeFi market while allowing its users to earn rewards for staking select crypto assets.
With their integration into Binance’s DeFi staking platform, Dai and Kava users will no longer be required to stake through their apps.
Dai, a decentralized cryptocurrency stabilized against the value of the US dollar, was the first asset added to the DeFi staking platform on August 19, 2020. Maker builds dai on Ethereum.
The integration of Dai into the DeFi staking platform will allow its users to participate in compound staking. Also, they will be able to track their locked staking assets.
Binance added another decentralized cryptocurrency Kava to its staking product on August 20, 2020. Being a cross-chain DeFi platform, Kava is a preferred choice among crypto exchanges like Binance, OKEx, and Huobi.
According to Binance CEO Changpeng Zhao, considering growing demand from its users to access DeFi products, Binance decided to launch a DeFi staking platform. This platform will allow direct integration of DeFi products Dai and Kava, he added.
Kava CEO Brian Kerr said that despite less adoption, exponential growth is inevitable in the DeFi market.
The DeFi staking platform will allow Binance users to participate in development activities via voting in a proof-of-stake consensus mechanism through smart contracts and receive higher annualized earnings for their crypto assets.