Binance exchange users now have an option to stake Dai and Kava as the exchange’s DeFi staking platform goes live.
Binance’s DeFi staking program was primarily announced recently on Wednesday with Dai, the stablecoin generated by loans on MakerDAO. The Binance initiative aims to tap into this year’s booming DeFi market by offering the power for users earn staking rewards, akin to interest on select virtual assets.
Earlier today on thursday, Binance added Kava as the 2nd asset to its staking product. Kava is a DeFi platform backed by Binance, Huobi and OKEx with a native token by an equivalent name.
Explaining further, Binance CEO Changpeng Zhao added:
“Our users are requesting Binance.com giving them access to DeFi. Binance prioritizes user experience and within the spirit of the community, Binance.com now offers direct integration into these DeFi products permitting the products’ value to effuse to Binance.com users and that’s happening with KAVA and BNB to name a few.”
The move means Kava users no longer need to interface with the Kava application but instead can go directly via Binance’s DeFi staking portal.
The CEO and co-founder of Kava, Brian Kerr, said today’s DeFi market wouldn’t resemble tomorrow’s, claiming the ecosystem is simply at the “tip of the iceberg” in terms of adoption.
Staking in DeFi means users can participate, utilizing smart contracts, on various issues via voting within a proof-of-stake model & earning passive rewards by locking up their crypto assets.
On the other hand, India’s leading exchanges and a subsidiary of Binance, WarzirX, recently announced it had been developing a DeFi product referred to automated market maker in partnership with Matic.