What is Beta Finance? Beta Finance is a decentralized money market protocol in the decentralized finance (DeFi) ecosystem. In this article, as Kriptokoin.com, we will answer the question of “What is Beta Finance” in detail and examine the project.
What is Beta Finance?
The protocol is built on Ethereum and enables lending and short selling transactions. The purpose of Beta Finance is to reduce volatility in the cryptocurrency market. However, this is not enough for the project; In addition, it aims to provide stability to investors who want to lend, borrow and short sell.
The platform, aside from its borrowing and lending features, draws attention with the tool called “1 click short tool”. Thanks to this feature, traders can easily open short positions in different cryptocurrencies with one click. It is stated that this helps investors to hedge their positions. The protocol borrows the token you shorted and exchanges it for a collateral token. Afterwards, the original collateral and borrowed collateral are exchanged for the shorted token.
However, BETA token holders can stake their tokens within the protocol to provide a return in case of “liq”. In return, BETA stakers are rewarded with a share of transaction fees. The protocol also offers a mining program that is rewarded with BETA for providing liquidity.
Who is the founder of Beta Finance?
The protocol’s founder is Allen Lee, a graduate of MIT and a previous post at Microsoft and Facebook. In addition, the protocol; It is also backed by an investor group that includes ParaFi Capital, Multicoin Capital and DeFiance Capital.
What is BETA token?
Platform token BETA is defined as a governance token. Owners can use their tokens to vote on proposals and plans that will determine the direction of the platform.
What is the total supply and current price of BETA?
According to Coinecko data, Beta Finance’s maximum and total supply is 1,000,000,000 BETA. The circulating supply is 401,666,668 BETA. However, the trade volume of the project in the last 24 hours is $13,604,982 while its market value is $48,783,085. BETA is currently trading at $0.121762 on cryptocurrency exchanges. However, in October 2021 it rose as high as $3.45 and broke its own price record.
What is Beta Finance? How to get the BETA?
The protocol is traded on many crypto currency exchanges, especially Binance. Investors who want to invest in this protocol should open an account in one of the exchanges where the project is traded. The exchanges that Beta Finance trades on are listed as follows: Binance, KuCoin, MEXC, Phemex, Bitrue, Pionex and Bitget. Those who want to invest in Beta Finance can open an account in one of the above exchanges and add USDT to their wallets and receive AURY.
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