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The Bella Protocol consists of a suite of DeFi products that aims to bring one-click crypto banking services to users. Some of its unique features include subsidized gas fee and automated services.
Crypto exchange Binance has been on an announcement spree as it looks to expand its services. Earlier today, Binance released its new product Launchpool. The new product provides users a secure way of farming new assets and acquiring token rewards in return for staking BNB, BUSD, and other tokens.
— Binance (@binance) September 6, 2020
Binance also announced that the first project to be hosted on Launchpool is Bella Protocol (BEL). The Bella Protocol caters to different yield farming strategies via smart contracts. To farm the BEL tokens, users can start staking their BNB, BUSD or ARPA tokens in three different pools for a period of 30 days, starting September 9.
The Bella Protocol is aimed at streamlining crypto-banking services. The protocol consists of a suite of DeFi products that offers that offer one-click crypto banking facilities to users. Some of its unique features include subsidized gas fee and automated services. Thus, Bella users can save some good amount in gas fees while enjoying high returns through its sophisticated services.
Bella Protocol also provides a user-friendly experience for both existing and new users via its different product lineups like Bella Liquidity mining, Bella Custodian Services, One-Click Portal, Flex Savings, and Lending.
Bella Protocol – Suitable for Both ‘DeFi and CeFi’
The great thing about the Bella Protocol is its flexibility to cater to users of both – Decentralized Finance (DeFi) and Centralized Finance (CeFi). Bella Protocol serves as a DeFi gateway for inexperienced users and provides them custodian services as well as showing users all all-chain activities for transparency purposes.
Bella can also easily integrate with centralized exchanges and other platforms having Yield Farming infrastructure. In the initial stage of the launch, Bella is offering a 100% subsidy on the gas fee. However, it will start it will charge through the $BEL token deposits.
The BEL stakers will get additional benefits as well. This includes “profit sharing, fee discount, staking rewards, and voting power in the Bella ecosystem”.
Bella Protocol aims to bring the one-click mobile payments mechanism to DeFi. To mitigate risks, Bella will also diversify users funds and investments. The official announcement reads:
“Bella will diversify user funds based on their risk appetite ie. conservative / balanced / aggressive, and allocate their funds into different yield farming strategies. For example, the USDT Balanced strategy comprises 40% COMP farming, 40% CRV farming and 20% newer protocols”.
It looks like Binance is taking massive initiatives looking at the potential growth of the DeFi space in the future. Last week, the crypto exchange made two important DeFi-related announcements. You can read about it here – Binance Liquid Swaps and Binance Smart Chain.