Binance Labs Backed Ambit Finance Enters Testnet Phase
Ambit Finance, an upcoming decentralized exchange (DEX) protocol on BNB chain kickstarted the initial phase of their testnet.
The protocol aims to empower BUSD, along with a select list of other digital assets, by advancing their utility in the crypto sphere. During thid phase, early users actively participating in the testnet activities stand a chance to enhance their eligibility for a potential airdrop.
Binance Labs, the venture capital and innovation incubator affiliated with the leading crypto exchange Binance, made a strategic investment of $4.5 million in the project. This partnership between Binance Labs and Ambit Finance aims to foster innovation, bolster security measures, and reinforce risk control within the decentralized finance (DeFi) landscape. Additionally, they plan to collaborate on the launch of future DeFi applications while extending their support to projects operating within the BNB Chain ecosystem and beyond, according to the official announcement.
To participate in the testnet activities, users are directed to acquire test BNB from the faucet, mint test tokens from Ambit's faucet, and then dive into testing the functionalities of Ambit Finance's platform. The community is also encouraged to share their feedback on Discord.
Ambit Finance is a user-friendly suite of fintech applications or "Superapp". Superapp will not only include conventional DeFi functionalities but also innovative solutions like under-collateralized margin lending and structured products tailored for financial institutions.
The platform will seamlessly incorporate borrowing, lending, and yield optimization strategies, furthering the utility of BUSD and decentralized applications (DApps) within the BNB Chain ecosystem. Ambit is looking to construct a "Decentralized Binance", which would successfully marry the ease of use of Binance.com with the latest groundbreaking innovations in the DeFi landscape. Ambit Finance also plans to introducte of a yield-bearing stablecoin backed by BUSD.
Ultimately, Ambit Finance aims to become a centralized hub of DeFi activities while providing a unified and seamless user experience within the Web3 ecosystem.
The project boasts an experienced team with diverse backgrounds, including former leaders from Anchor Protocol. The team draws on both old and new protocol communities' support.
