The On-chain Yields service launched by Binance is an innovative tool that facilitates access to decentralized finance #defi . Its main idea is to combine the convenience of centralized platforms with the profitability characteristic of DeFi protocols.
How does it work?
1. Accessibility: Users can invest in various DeFi protocols directly from their Binance account, without the need to create separate crypto wallets or interact with DeFi applications directly.
2. Profitability: The service provides an opportunity to participate in such activities as liquidity farming (yield farming) or staking, which allows you to earn a profit from your assets.
3. Security: Binance undertakes security functions, reducing the risks associated with user errors when dealing directly with blockchain protocols.
Advantages:
Ease of use: The service is convenient for beginners who want to try DeFi but don't have enough experience or knowledge.
Support for major blockchains: Binance integrates the service with popular networks such as Ethereum, BNB Chain, Solana, and others.
Save time: All transactions are automated, and Binance acts as an intermediary that streamlines processes.
Why is this important?
Binance not only strengthens its position as a leading centralized exchange, but also actively promotes the development of the DeFi ecosystem. This approach allows removing barriers for many users and attracting a new audience to decentralized financial instruments.