Binance has announced the first six projects funded through its $100 million Accelerator Fund.
These six projects are based on the Binance Smart Chain blockchain, and are:
- Arkane Network,
They will receive a total of $350,000, alongside access to other Binance ecosystem resources such as Launchpad, Launchpool, incubation, training and more.
This is just the first batch of funded projects, and focuses on AMM (Automatic Market Maker) initiatives, data platforms, and gaming solution providers.
These include the well-known PancakeSwap, the main liquidity provider on Binance Smart Chain in terms of volume, active users and gas commission contribution.
Binance Smart Chain Accelerator Fund
In total, more than 180 projects have applied for grants from the Accelerator Fund, and so far only six have been selected, based on strict selection criteria, such as team, product, vision and contribution to the blockchain ecosystem.
The Binance Smart Chain Accelerator Fund was launched last month, with the aim of enhancing DeFi projects and linking centralized finance (CeFi) with decentralized finance.
The initiative gives priority to developers building infrastructural and functional applications on Binance Smart Chain, so that a new decentralized financial ecosystem can be built.
Binance also has other initiatives in place that are part of the attempt to connect CeFi to DeFi, such as the Token Canal project, which helps developers connect Binance Smart Chain with various other blockchains to transfer different tokens to and from the same Binance Smart Chain, such as BTC, ETH and XRP.
The founder and CEO of Binance, Changpeng CZ Zhao, said:
“We are committed to fostering innovation in blockchain technology, and building products and services that provide our users with financial freedom and opportunities. We launched the $100M Accelerator Fund to further support the development of high-quality DeFi projects that contribute to building the industry’s infrastructure and technologies to better unlock DeFi’s potential”.
The Binance Smart Chain mainnet was launched in September. It is a public blockchain that supports smart contracts and is compatible with Ethereum’s Virtual Machine (EVM), but is faster (about 3 seconds per block) and cheaper (average transaction fee of 2 cents).