The protocol, constructed using LayerZero’s architecture, secured an impressive $120 million funding at a $3 billion valuation earlier this year.
The venture capital arm of Binance has made an impressive move by investing a substantial $10 million in Radiant Capital, a highly promising decentralized finance (DeFi) lending and borrowing protocol.
This substantial investment will be directed towards fueling tech and product development, with a particular focus on expanding collateral and deployment on the Ethereum mainnet. Radiant, which has already shown great potential, is built on the solid foundation of LayerZero Labs, yet another successful portfolio company of Binance Labs.
The primary objective of Radiant is to address DeFi’s fragmented liquidity issue by providing a robust money market where users can efficiently deposit and borrow assets across multiple chains. What sets Radiant apart is its unique group of Dynamic Liquidity Providers, who can lock in the native RDNT token and profit from interest and flash loan fees, while also enjoying governance authority within the Radiant DAO. Moreover, the platform fees are paid out in prominent cryptocurrencies such as bitcoin (BTC), ether (ETH), BNB Coin (BNB), and stablecoins.
With over $265 million in total value locked already, as reported by DeFi Llama data, Radiant is demonstrating its strength as a platform supporting more than 20 collateral options. The ambitious plan to add more options in the future, as the Radiant DAO expands functionality to additional chains, indicates its commitment to growth and innovation.
Yi He, co-founder of Binance and head of Binance Labs, expressed great confidence in Radiant Capital’s potential, especially in facilitating seamless cross-chain transactions for DeFi. This confidence is further justified by Radiant’s performance on Arbitrum and BNB Chain, which showcases its ability to drive mass adoption in the DeFi space.
Notably, Radiant’s collaboration with LayerZero, which secured an impressive $120 million in funding at a remarkable $3 billion valuation in April, further adds to its credibility and potential.
It is evident that Binance’s investment in Radiant Capital has had a tangible impact, as the tokens of Radiant Capital (RDNT) soared over 10% to reach 31 cents immediately after the announcement. This surge in value is a testament to the market’s recognition of the immense potential and promising future of Radiant in the rapidly expanding DeFi landscape.