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Binance Expands DeFi Support …

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Capitalising on Fastest Growing DeFi Protocols of Binance Smart Chain (BSC, AUTO, BFI)

Binance Expands DeFi Support ...

Binance Expands Support for DeFi Tokens Against Exchange CEO Warning
CONTENT

  • Binance CEO Warns Against Exchange Expands DeFi Support

  • DeFi market flooded with overly invested clones

  • It looks like the first signals of a fall in hype around DeFi are starting to make themselves felt

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At the same time, the head of Binance admitted that the concept of staking tokens to provide liquidity and profit has a right to exist.

Binance Expands DeFi Support ...

One of the largest exchanges by trading volume, Binance is actively supporting the ecosystem of decentralized finance (DeFi) Decentralized finance (DeFi) is a financial services built on the basis of blockchain technology that offer users access to an open, efficient and … More) despite skepticism from the outside heads of the site itself.

So, Binance reported on the listing of two sensational DeFi tokens: SushiSwap (SUSHI) and yffi finance (YFFI).

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It is noteworthy that the announcement took place five hours after the tweet of the head of the exchange, Changpeng Zhao, in which he announced “a lot of bubbles in the DeFi market.”.

“(Un) popular opinion: I am seeing a huge number of bubbles in DeFi. I think that the basic concept of staking tokens to provide liquidity and profitability has a right to exist. However, there will be no such ultra-high yield subsidized by new tokens. Super high risk. Be careful! “- wrote Zhao.

One example of potentially dangerous projects is KIMCHI.finance (KIMCHI).

Binance Expands DeFi Support ...

The project positions itself as a DeFi protocol for the pharming of tokens with a high percentage of profit.

Source: kimchi.finance

According to the data on the official website, only the farming of the KIMCHI / ETH pair will bring a payback of 20.496% per annum.

Distribution of helicopter tokens

The hype around DeFi has increased to such an extent that just 4 hours after the launch of KIMCHI, the project has attracted almost $ 500 million in deposits.

Separately, it is worth mentioning the fact that KIMCHI seems to be a copy of another DeFi project – YUNo Finance with rather ambiguous functionality in terms of source code.

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While Binance is cautious about listing DeFi, the exchange is pushing fresh assets with perpetual futures contracts..

Earlier, the editorial staff of BeInCrypto reported that Binance added support for futures for the YFI token, which, at the peak of its popularity, managed to overtake the historical maximum of bitcoin..

Binance Expands DeFi Support ...

One way or another, but on the DeFi market, the first signals about a possible “domino effect” are already beginning to appear, which specialists from the DappRadar resource warned about in early August.

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