Being one of the world’s largest centralized exchanges has not deterred Binance from bringing in the DeFi experience to its users. Adding to its trend of rolling out DeFi-focussed products and services, Binance Launchpool has announced its new project, the Delegated Proof-of-Stake (DPoS) blockchain, CertiK Chain on the 22nd of October.
“#Binance and @Certikorg are committed to improving the level and quality of security adoption in the DeFi sector.
We are excited to support Certik Chain $CTK through Launchpool, and in bringing their protocol to #BinanceSmartChain.” – @cz_binance https://t.co/guCxDSqR67
— Binance (@binance) October 22, 2020
The official release mentioned that CertiK and Binance have also committed 1,000,000 CTK to be used to fund a CertiKShield Reimbursement Pool for Binance Smart Chain, in addition to the Lauchpool announcement. This was done to allow audited BSC projects to become members to obtain protection against hacks and code malfunctions. Furthermore, it secured $39.43 multi-million from two rounds of private token sales, where 38.00% of the CTK total token supply has been sold at 0.77 USD/CTK and 1.90 USD/CTK. The blog post also revealed,
“During CertiK Chain participation in Launchpool, users will be able to stake their BNB, BUSD, or CTK tokens into separate pools to farm CTK tokens, starting from 2020/10/23 at 0:00 AM (UTC). Binance will list CTK at 2020/10/27 8:00 AM (UTC) and open trading for CTK/BTC, CTK/BNB, CTK/BUSD and CTK/USDT trading pairs.”
CertiK in Brief
CertiK Chain is essentially a cross-chain protocol with security scoring and decentralized reimbursements for building secure decentralized applications and blockchains. It essentially aims to act as the basis where blockchain infrastructure and decentralized applications can be developed with confidence in security. It leverages in-chain features such as Security Oracle, CertiKShield Reimbursement Pool, and a hyper-secure programming language (DeepSEA)
Following the development, Binance CEO and Founder, CZ noted
“Binance and CertiK are committed to improving the level and quality of security adoption in the DeFi sector. We are excited to support Certik Chain through Launchpool, and in bringing their protocol to Binance Smart Chain (BSC).”
Binance Launchpool developments
To attract developers to the BSC ecosystem, the exchange rolled out a suite of offerings including its Launchpad, Launchpool, and $100 million grant program. Binance Launchpool, for one, has continued to give users the opportunity to stake their crypto to earn tokens from new projects. This month itself, Launchpool hosted several token offerings. Some of the prominent ones were Flamingo, Venus, and Alpha Finance Lab.
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