TechFlow news — In the early hours of September 11, 2020, Binance founder and CEO Zhao Changpeng announced the establishment of a $100 million seed fund to support the development of the industry ecosystem and foster synergy between CeFi and DeFi ecosystems. Meanwhile, Binance Smart Chain (BSC) has launched a DeFi project competition, with top-tier projects eligible for investment funding of up to $100,000.
Additionally, Zhao revealed BSC's "Token Canal" initiative, designed to interconnect BSC with other public blockchains, effectively breaking down barriers between all public chains. Through Binance's CeFi platform's secure custodial services, tokens from other blockchains can be bridged onto Binance Smart Chain, including BTC from Bitcoin, ERC20 tokens on Ethereum (such as ETH, LINK, USDT, DAI), XRP, BCH, LTC, ADA, DOT, XTZ, EOS, and ONT.
According to an official Binance announcement, BSC adopts centralized governance with a Proof-of-Staked Authority (PoSA) consensus mechanism, featuring 21 validator nodes that will be fully open. BNB holders will benefit from DeFi staking rewards and gain governance rights over the smart chain.
