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Binance Labs, the investment and incubation subsidiary of Binance (CRYPTO: BNB), has announced a $5 million investment in Curve DAO Token (CRYPTO: CRV), the utility token that powers the Curve ecosystem.
Curve has a total value locked (TVL) of approximately $2.4 billion and a daily trading volume of $215 million.
The platform is engineered to facilitate users and other decentralized protocols in exchanging ERC-20 tokens with minimal fees and slippage.
The Curve DAO Token (CRV) serves multiple purposes within the Curve DeFi protocol, including stablecoin and ERC-20 token exchanges, staking, boosting, and governance voting.
Yi He, Binance's co-founder and the head of Binance Labs, expressed her views on the collaboration, stating, "Curve's significant contributions as a leading protocol in the DeFi landscape have been instrumental in the sector's consistent growth throughout 2023. In light of recent challenges faced by the protocol, Binance Labs is extending its unwavering support to Curve, both in terms of investment and strategic collaboration. We envision this partnership as a stepping stone towards further bolstering the DeFi ecosystem's expansion."
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In a bid to enhance the BNB Chain DeFi ecosystem, Curve has revealed plans to extend its operations to the BNB Chain.
Binance stated that the expansion is anticipated to significantly boost the growth of the BNB Chain DeFi landscape. Michael Egorov, the founder of Curve, commented on the collaboration, emphasizing, "BNB Chain's prominent standing in the DeFi arena makes it an ideal platform for Curve's existing and upcoming product offerings. We are excited about this joint endeavor to drive innovation and expansion across the DeFi spectrum."
Curve operates as a premier Automated Market Maker.
CRV plays a pivotal role in the Curve DeFi protocol, incentivizing liquidity providers on the Curve Finance platform and actively engaging users in the protocol's governance.
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