Binance Labs invests $10 million in DeFi Radiant’s platform, RDNT jumps 10%, the news is that BNB is among the many crypto assets with which the platform’s fees are paid.
Decentralized finance (DeFi) continues to be a hotbed of innovation and investment, and one of the latest beneficiaries is Radiant Capital, a promising loan and mortgage protocol.
Summary
Binance Labs continues to invest in the crypto world, the investment on the Radiant platform comes from the success it has had with BNB Chain
Binance Labs, the venture capital arm of Binance, the world’s leading crypto exchange, recently announced a substantial $10 million investment in Radiant Capital.Â
This injection of funds aims to fuel the protocol’s technology and product development, which includes plans for expanding collateral options and implementation on Ethereum‘s mainnet.
Built on the solid architecture of LayerZero Labs, Radiant Capital seeks to address one of the key challenges in the DeFi space: liquidity fragmentation.Â
With its unique approach, Radiant aims to function as a cross-chain money market, providing users with the ability to deposit and borrow assets on multiple blockchain networks.
At the heart of Radiant’s operations are “dynamic liquidity providers,” operators who can lock down the native RDNT token to earn interest and fees from flash loans.
In addition, these liquidity providers also have governance authority within the Radiant DAO, giving them a voice in the platform’s decision-making processes.
A distinctive feature of Radiant Capital is the platform’s fee payment mechanism. Instead of sticking to a single cryptocurrency, the protocol distributes the platform’s fees across different cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), and stablecoins.
This diversity aims to attract a wider range of users and promote an inclusive DeFi ecosystem.
Radiant’s TVL is one of the platform’s strengths
According to DeFi Llama data, Radiant currently boasts an impressive total value locked (TVL) of about $265 million. This demonstrates the platform’s appeal to users who appreciate its versatility and cross-sector capabilities.
As the DeFi landscape continues to evolve rapidly, Radiant’s future plans are to further expand collateral options to cater to a diverse range of financial assets.
In light of Binance Labs’ investment, Yi He, co-founder of Binance and head of Binance Labs, expressed enthusiasm for Radiant Capital’s potential to drive mass adoption of DeFi. He praised the protocol’s commitment to facilitating seamless cross-chain transactions for DeFi and its successful performance on Arbitrum and BNB Chain.
Binance and LayerZero Labs
Radiant Capital’s journey was closely intertwined with LayerZero Labs as the protocol was built on the interoperability and cross-chain messaging infrastructure provided by LayerZero.
This association has proved beneficial to both projects: earlier this year LayerZero Labs raised an impressive $120 million, valuing the company at $3 billion.
The news of Binance Labs’ $10 million investment in Radiant Capital had a significant impact on the market, with the RDNT token getting an immediate boost.
Following the announcement, RDNT jumped more than 10% in value to an impressive 31 cents.
As the DeFi space continues to gain momentum, investors, developers, and users are keeping an eye on projects like Radiant Capital.
With the backing of Binance Labs and its innovative approach to cross-chain liquidity, Radiant has the potential to play a key role in the future of decentralized finance.
