The new investment will help Radiant build new technologies and deploy more collateral on the Ethereum mainnet.
The Radiant team also said that this investment will help them expand to other EVM chains.
On Thursday, July 20, crypto exchange Binance’s investment arm Binance Labs announced a $10 million investment in leading decentralized finance (DeFi) lending platform Radiant. This fresh capital investment will help Radiant deploy new products and build new technologies.
Additionally, it will also help them deploy more collateral on the Ethereum mainnet. Built atop the architecture from LayerZero Labs, Radiant now becomes another Binance Labs portfolio company. The lending platform aims to tackle the liquidity problem in the DeFi space by functioning as a money market, allowing users to deposit and borrow assets across different blockchain networks.
DAO traders of Radiant, popular as “Dynamic Liquidity Providers” will be able to stake the native RNDT tokens for interests, governance rights, and flash lending fees. Radiant currently has approximately $265 million locked in its platform, supporting over 20 collateral options with plans to expand to additional chains.
Yi He, co-founder and head of Binance Labs, said that Radiant Capital’s performance on Arbitrum and BNB Chain demonstrates its potential for driving mainstream adoption. In the press release, she shared:
Binance Labs actively seeks out 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 for DeFi, and performance on Arbitrum and BNB Chain demonstrates its potential for driving mass adoption. We look forward to seeing Radiant’s continued growth and further contributions to the ecosystem.
RNDT Token Price Shot Up 10%
Soon after Binance Labs made the announcement public, the RNDT token price shot up by 10%. RNDT is the native token of the Radiant DeFi platform and also functions as a utility token of the Radiant ecosystem. The announcement will also have a greater impact bringing several million customers to access DeFi.
Radiant is a leading player in the DeFi market, offering advanced borrowing and lending services in a decentralized way. With Radiant, people can lend and borrow directly from each other through smart contracts, making transactions more efficient and reducing expenses.
Also, the Radiant team considers the investment crucial as they aim to expand their platform to other EVM chains. Their goal is to achieve the same level of popularity as Arbitrum and BNB Chain, becoming a major player in the DeFi space. George Macallan, Founder of Radiant Capital said:
Radiant Capital’s mission is to usher in a new era of DeFi focused on providing a seamless, secure, and easy-to-use omnichain lending experience. This is critical to the DAO’s end goal of onboarding the next generation of DeFi into the Web3 ecosystem. I am tremendously excited about our partnership with Binance Labs, as they bring extensive expertise, resources, and strategic support to the protocol.
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