The native token of a decentralized finance (DeFi) lending and borrowing protocol built atop LayerZero Labs, Radiant Capital ($RDNT) has recently started surging following a multi-million-dollar investment from Binance Labs, the venture capital subsidiary of Binance, the world’s leading cryptocurrency exchange by trading volume.
In a recently published blog post, the leading cryptocurrency exchange revealed it invest $10 million into Radiant Capital, which leverages layer-2 scaling solution Arbitrum to create a cross-chain lending and borrowing ecosystem.
The company announced that it will invest the money it raised in enhancing its tech and product capabilities. The enhancements include more Oracle support, more collateral choices, Ethereum mainnet deployment, cross-chain liquidations, dual-emissions support, abstracted repayments, and LayerZero messaging integration. Per the firm, these enhancements will enable it to reach 100 million more users in the DeFi space.
The announcement reads:
Radiant aims to expand to numerous EVM chains, eliminating the need for countless transactions to facilitate lending, borrowing, bridging, and swapping between chains. It has gained significant traction since its launch and saw substantial growth throughout 2023, including being ranked as the number one lending protocol on Arbitrum in terms of Total Value Locked (TVL) and the number five DeFi protocol on BNB Chain.
Binance co-founder and head of Binance Labs, Yi He, noted in the post that the firm “actively seeks out promising DeFi projects that not only advance the industry but also push the boundaries of innovation.”
The firm’s commitment to “facilitating seamless cross-chain transactions for DeFi, and performance on Arbitrum and BNB Chain,” He said, demonstrates its “potential for driving mass adoption.”
The price of RDNT surged over 10% after Binance’s announcement was made, from around $0.29 to $0.34. The cryptocurrency’s price has since endured a small correction to now trade at $0.30 per token.
Featured image via Unsplash.
