Monday, May 10, 2021

Binance Is Supporting New DeFi Project That Allows Lending and Borrowing BTC, XRP, BNB

Binance, the world’s largest cryptocurrency exchange by trading volume, is supporting a new decentralized finance (DeFi) project that allows crypto traders to earn revenue by lending and borrowing certain digital assets, including Bitcoin (BTC), Ripple’s XRP, Binance Coin (BNB), among others.

According to the cryptocurrency exchange, Hard Protocol (HARD) will be supported via Binance Launchpad, its Initial Exchange Offering (IEO) platform.

About Hard Protocol (HARD)

Hard Protocol (HARD) is a cross-chain money market that uses the Kava blockchain for security, price feeds, and cross-chain features.

Read Also: Bitso Sees Exponential Increase in Remittance Processes via Working with Ripple and XRP

The project’s lending platform is to initially support Bitcoin (BTC), Ripple’s XRP, Binance Coin (BNB), BUSD, KAVA, and USDX.

The digital token HARD is the native governance token of the new platform and it will serve as a means to distribute rewards to miners and to the people who deposit and borrow the supported crypto assets mentioned above.

A report from Messari indicates that the users of Binance Launchpad have gained notably on projects that offer a large percentage of their tokens in public sales.

It is also of note that in recent months, projects that offer 9% or more have earned the most returns. Additionally, Binance’s Initial Exchange Offering (IEO) platform is distributing 7.5% of the total token supply for Hard Protocol (HARD).

Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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