DeFi: Radiant protocol raises $10M from Binance Labs

Yi He

Yi He – Director of Binance Labs – Credit: Binance

The VC branch of the giant Binance made a investment of $10 million in Radiant Capitala protocol from crypto lending built on LayerZero.

On Thursday, Binance Labs announced that it had invested in Radiant Capital.

Launched in late 2022 and based on the popular LayerZero blockchain interoperability protocol, Radiant allows investors to lend and borrow digital assets on several channels. The service aims to solve the problem of fragmented liquidity in decentralized finance.

Binance Labs is actively seeking promising DeFi projects that not only advance the industry, but also push the boundaries of innovation. Radiant Capital’s commitment to facilitating seamless cross-chain transactions in DeFi and performance on Arbitrum and BNB Chain demonstrate its potential to drive mass adoption,” said Yi He, head of Binance Labs, in a press release.

The envelope of 10 million dollars granted to the protocol will notably enable it to extend its support to more new EVM channels and the Ethereum backbone.

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According to Defillama, Radiant today boasts a TVL of over 250 million dollars. The protocol’s native token has a market cap of around $81 million. The price of Radiant (RDNT) recorded a strong advance in the wake of the announcement, gaining more than 10% over 24 hours.

Radiant (RDT) 24-hour price – CMC

Radiant Capital’s mission is to usher in a new era of DeFi focused on delivering a seamless, secure and easy-to-use omni-channel lending experience. This is critical to DAO’s ultimate goal of integrating the next generation of DeFi into the Web3 ecosystem,” said Radiant Capital founder George Macallan.

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