Binance's Foray into Decentralized Finance (DeFi)
While Binance is renowned for its role as a centralized cryptocurrency exchange, it has also made significant inroads into the world of Decentralized Finance (DeFi). Binance Smart Chain (BSC), launched in 2020, is a testament to the exchange's commitment to the DeFi ecosystem. BSC offers a high-performance, low-fee blockchain platform that supports smart contracts and is compatible with Ethereum, enabling developers to build decentralized applications (dApps) and users to engage in yield farming, staking, and more. This move not only diversifies Binance's offerings but also democratizes access to financial services, aligning with DeFi's ethos of open and inclusive finance.
