The head of Binance admitted that the concept of staking tokens to provide liquidity and profit has a right to exist.
One of the largest exchanges in terms of trading volume, Binance, is actively supporting the decentralized finance (DeFi) ecosystem, despite skepticism of the CEO.
Binance reported on the listing of two sensational tokens of the DeFi market: SushiSwap (SUSHI) and yffi finance (YFFI).
It is noteworthy that the announcement came five hours after the tweet of the head of the exchange, Changpeng Zhao, in which he announced “a lot of bubbles in the DeFi market.”
One example of potentially dangerous projects is KIMCHI.finance (KIMCHI).
The project is positioning itself as a DeFi protocol for the pharming of tokens with a high percentage of profits.
According to the data on the official website, only the farming of the KIMCHI/ETH pair will bring a return of 20.496% per annum.
The hype around DeFi has increased to such an extent that just 4 hours after the launch of KIMCHI, the project has attracted almost $ 500 million in deposits.
Separately, it is worth mentioning the fact that KIMCHI seems to be a copy of another DeFi project – YUNo Finance with rather ambiguous functionality in terms of the source code.