Why China's Central Exhange DeFi Offerings Seem Half Baked

[MRM]

Binance's BakerySwap collapsed within an hour of launch like a cold souffle. Da bing swoops in to take a closer look at what's going on with the big central exchanges and their DeFi offerings. Two types of DeFi players emerged in China during the past few weeks: the OGs who are busy claiming airdropped UNI tokens, the governance token of Uniswap; and the newbies who are scratching their heads trying to get in the game but can’t because of high gas fees, or lack of know-how.

For the newbies, centralized exchanges (CEX) are natural saviors. Indeed, the three major exchanges that serve Chinese investors (Binance, Huobi and OKEx) have listed DeFi tokens and launched their own DeFi farming schemes. Binance even launched a $100 million fund to lure DeFipreneurs to build on its Binance Smart Chain (BSC).
Source: https://decrypt.co/42389/why-chinas-central-exhange-defi-offerings-seem-half-baked