April 19, 2024
Altcoins News

Binance’s VC Wing Pumps $10M into Radiant Capital; RDNT Jumps 10% Following Announcement

Binance’s venture capital arm has injected $10 million into Radiant Capital, a decentralized finance (DeFi) lending and borrowing protocol. The fresh capital infusion will primarily be utilized for tech and product development, encompassing the expansion of collateral and deployment on the Ethereum mainnet.

Radiant Capital, which leverages architecture from LayerZero Labs – another Binance Labs portfolio company – endeavors to address DeFi’s fragmented liquidity issue. It functions as a robust money market, enabling users to deposit and borrow assets across various chains.

The lending platform introduces Dynamic Liquidity Providers, who can lock in the native RDNT token to earn interest and flash loan fees while enjoying governance authority within the Radiant DAO. Platform fees on the protocol are disbursed in bitcoin (BTC), ether (ETH), BNB Coin (BNB), and stablecoins.

DeFi Llama data reveals that Radiant currently holds approximately $265 million in total value locked. The platform supports over 20 collateral options and plans to introduce more choices as the Radiant DAO expands its functionalities to additional chains.

Yi He, a co-founder of Binance and head of Binance Labs, praised Radiant Capital’s dedication to facilitating seamless cross-chain transactions for DeFi, showcasing its potential to drive mass adoption. Radiant was developed on the interoperability and cross-chain messaging infrastructure of LayerZero, which raised $120 million in April, achieving a valuation of $3 billion.

Following the announcement of Binance’s investment, Radiant Capital’s RDNT tokens experienced a surge of over 10%, reaching 31 cents.

Image by Freepik

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