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Binance Labs Invests $10M in DeFi Lender Radiant, RDNT Jumps 10%
The protocol was built on the architecture of LayerZero, which raised $120 million at a $3 billion valuation earlier this year.
Updated Jul 20, 2023, 1:16 p.m. Published Jul 20, 2023, 1:00 p.m.
The venture capital arm of Binance has invested $10 million in Radiant Capital, a decentralized finance (DeFi) lending and borrowing protocol.
The new funds will go toward tech and product development, which includes expanding collateral and deployment on the Ethereum mainnet
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Radiant is built on architecture from LayerZero Labs, another Binance Labs portfolio company. The lending platform aims to take on DeFi’s fragmented liquidity problem by serving as a money market where users can deposit and borrow assets across multiple chains.
Traders, known as Dynamic Liquidity Providers, can lock in the native RDNT token to profit from interest and flash loan fees and have governance authority within the Radiant DAO. The protocol’s platform fees are paid out in bitcoin , ether , BNB Coin and stablecoins.
Radiant, which currently has about $265 million in total value locked, according to DeFi Llama data. The platform supports more than 20 collateral options and plans to add new options in the future as the Radiant DAO expands the functionality to additional chains.
"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,” said Yi He, co-founder of Binance and head of Binance Labs, in the press release.
Radiant was built on the interoperability and cross-chain messaging infrastructure of LayerZero, which raised $120 million in April at a $3 billion valuation.
Tokens of Radiant Capital RDNT jumped over 10% to 31 cents after the news of Binance's investment.
Read more: Arbitrum-Based Radiant Capital Targets Outsized Platform Profitability With V2 Launch
UPDATE (July 20, 13:03 UTC): Adds RDNT token move in last para. Updates headline.
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