Binance, success or flop? - With the rise of the DeFi phenomenon, many centralized platforms fear being overtaken by events. As a result, Binance is playing it all by launching its BNB vault, which is cheerfully copied from those of yEarn.
BNB Vault
The BNB Vault, or BNB safe, is the latest product unveiled by Binance. Based on a similar, if not deliberately copied, principle of Yearn's vaults, the BNB Vault provides the best returns on its BNB tokens at all times.
To do so, the BNB Vault will deposit your funds with the most profitable strategy among Binance's various products, namely : Flexible Savings, BNB DeFi Staking, and Launchpool.
"It integrates different Binance products to maximize the return on your NBBs, from centralized and decentralized finance, allowing NBB holders to take advantage of all the benefits of the Binance ecosystem with a single click. " - Binance Announcement
Binance takes this opportunity to point out that the NBBs deposited in the safes will always allow their holders to benefit from the Binances advantages, such as airdrops, privileged access to the Launchpad, etc.
Fixed return announced ?
In practice, the Binance Vault site announces an annualized return ranging from 5 to 8%. To give a range of returns seems surprising to say the least. Indeed, most, if not all, services of the same type avoid making forecasts and prefer to give the return at a given time t based on the various network parameters.
It is quite difficult to understand how Binance can make such an advance on the performance of its various products.
With this new product, Binance continues to demonstrate its ability to cannibalize the DeFi ecosystem, even though the platform is regularly singled out for its centralization and its not always positive impact on the ecosystem. It remains to be seen whether the aficionados of DeFi and, de facto, of decentralization will choose to turn to Binance? Nothing is less certain.
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