Have you ever heard of Bella Protocol and its BEL token? It is a user interface launched by the ARPA project team. The goal is to simplify the user experience of the currently existing DeFi protocols as much as possible. That way, those using the Bella Protocol and its BEL cryptocurrency will be able to develop new assets.
Those who own BEL crypto can wager and earn income previously collected within the Bella Protocol project ecosystem. Namely, the Bella Protocol belongs to the Binance LaunchPool project that was launched by Binance just a few months ago. Let’s take a closer look at the Bella Protocol and its BEL crypto.
- 1 What is Bella Protocol (BEL)?
- 2 The team behind Bella Protocol
- 3 What is DeFi?
- 4 How does Bella Protocol work?
- 5 Bella Protocol products
- 6 Bella Protocol’s BEL token
- 7 Is it possible to mine BEL?
- 8 How did you discontinue the Bella Protocol?
- 9 User functions of the BEL token
- 10 How do I buy Bella Protocol (BEL)?
- 11 How do you store the BEL token?
- 12 The price of the BEL token
- 13 Conclusion
What is Bella Protocol (BEL)?
It was in September 2020 that Binance officially announced the launch of the Bella Protocol. It is an aggregated user interface for the Fi protocols. Bella Protocol offers several DeFi products, which we will discuss further in this article. Yet this is not exactly innovative, you might say. Except that the concept has been greatly simplified to provide users with a much more accessible encryption banking experience.
The product design is 1-Click, which makes the Fi environment more user-friendly and, above all, cheaper. Bella Protocol provides cryptocurrency holders with several products:
- Bella Liquidity Mining
- Bella 1-Click
- Bella Flex Saving
- Bella Robo Advisor
- Bella Lending
In reality, the Bella Protocol is an innovative approach that is considered by some to be a hybrid. The ultimate goal of this project is to maximize transparency and facilitate the user experience.
The Bella Protocol project is integrated with Binance’s LaunchPool project. As a reminder, Binance is a leading cryptocurrency exchange platform in the world, and has more than 15,000,000 users worldwide. The platform is present in more than 180 countries and the average trading volume per day is US$2,852,591,354. Knowing that Bella Protocol and its crypto BEL are dependent on Binance is quite reassuring. It also says a lot about the confidence that a large team like Binance has in this project.
The team behind Bella Protocol
The Bella Protocol project was initiated by Binance and is part of the LaunchPool project. However, there is one name that represents the Bella Protocol project and its BEL crypto, which is Felix Xu. He is the co-founder and CEO of the project.
Binance is capable of fulfilling more than 1.4 million requests per second. It is a secure and fast platform with innovative features. To further improve the user experience, Binance has launched Binance LaunchPool and the first project running on it is Bella Protocol. Through this system, users can safely earn new assets.
What is DeFi?
DeFi is simply said the same as our current financial system, but in a decentralized version, ie without intermediaries, central authorities, trusted third parties such as banks. In the traditional financial world, to send money to someone, you have to go through these intermediaries. To make a transfer, you must use the services of your bank or a company such as PayPal or Western Union. You cannot send money directly to anyone unless you put notes in an envelope and send it through the post office, which is not the safest way to transfer money in the world.
It is the same with the investment of your money. Again, you have to trust a third party, a financial advisor who will manage your assets and hopefully generate profits for you. DeFi proposes to change this by creating a financial system that is open to everyone and by minimizing this notion of “mandatory trust”.
So no more central authorities. This alternative option is possible because the technological tools make it possible. Thanks to the internet, cryptocurrencies, blockchains and smart contracts , it is possible to build this new financial model.
How does Bella Protocol work?
In August 2020, Bella Protocol raised USD 4.50 million in a private token sale. This officially kicks off the first Binance LaunchPool project. Since September 9, 2020, users can therefore pool their BNB , BUSD and/or ARPA coins to generate BEL coins. Please note that since September 16, 2020, Binance has listed the BEL token and opened the following pairs:
- BEL/ BTC
To fully understand how the Bella Protocol works, it’s important to know that the project is for everyone, from the novice user to the most compliant. Almost the entire protocol is automated, which makes the difference compared to other protocols that offer almost the same.
Thanks to the Bella Protocol crypto, anyone can participate in DeFi and enjoy higher returns thanks to a simple and secure ecosystem. This will allow holders of BEL tokens to stake and earn from revenue collected in the Bella Protocol ecosystem, as well as benefit from discounts on fees and rewards for wagering.
Bella Protocol products
Bella Protocol offers users a variety of products. In general, these are products that you often encounter at other providers within this market. These are as follows:
- Bella Liquidity Mining : Users have the option to stake ARPA, BEL or USDC tokens, and get rewards in the form of BEL crypto.
- Bella Flex Saving : This is a farming arbitrage strategy for stablecoins and other cryptocurrencies.
- Bella 1-Click : This is a smart portal for users to bet assets on DeFi products.
- Bella Robo-Advisor : This involves generating a personalized wallet based on the user’s profile.
- Bella Lending : This is a decentralized lending product.
As mentioned, these are products that you will also find in other projects. Yet it is unique in the sense that these products are supported by Binance. This company does not support just any crypto project if they do not have enough confidence in it. It is a great advantage that this project has over the competitors in this area.
Therefore, this can be enough reason for crypto traders to get into Bella Protocol, as it offers enough guarantees and confidence for the future price of the BEL token.
Bella Protocol’s BEL token
You now have a good understanding of the Bella Protocol project and its specifics. It’s time to understand the whole point of his BEL token. This is the Bella Protocol cryptocurrency. It can be used within the platform for voting, governance, discounts on certain services, or even staking and earning fees.
Is it possible to mine BEL?
The answer is no, it is not possible to mine the Bella Protocol . It is generally possible to mine cryptocurrency with powerful hardware. However, this is not the case for the BEL cryptocurrency which, as you will have understood, is quite special. You can farm it instead by staking certain assets. The principle is quite specific, but certainly not without importance.
How did you discontinue the Bella Protocol?
In reality, you will never bet the Bella Protocol directly. After all, users will be able to stake their BNB, BUSD and/or ARPA tokens within three separate pools to generate the BEL cryptocurrency and then farm it alone. In this way, users can earn new rewards in exchange for wagering BNB, BUSD and other tokens. It’s a special way of working!
User functions of the BEL token
The BEL token is primarily considered as a reward. Users with BNB, BUSD and/or ARPA coins in flexible savings products receive access to the BEL as a reward. The reward is calculated daily based on the balance of BNB, BUSD and ARPA recorded during the wagering period.
It should be noted that the users can free their funds at any time without delay. Since September 16, 2020, users can pool their BND, BUSD and/or ARPA tokens to earn the BEL cryptocurrency. Knowing that the rewards are calculated and then distributed daily. In addition, users receive interest from flexible savings products.
How do I buy Bella Protocol (BEL)?
At the moment it is not possible to buy BEL directly in euros. It is therefore best to go to a crypto exchange that offers BEL on their website. Fortunately, there are many different exchanges that offer this coin, as it is a popular cryptocurrency. That also means that liquidity is high enough on most platforms to buy and sell these coins at the best price.
We recommend using Binance or Bitvavo as these exchanges are safe and can offer these coins for the best price. This is because there is high liquidity on these platforms. In addition, there has not been a major hack in the past, so you can assume that it is safe to buy your coins here.
Of course, there are plenty of other exchanges that offer BEL, such as decentralized exchanges like Uniswap and Sushiswap . However, the chance that the purchase of these coins goes wrong here is many times greater. This is because you have to go through more steps to get the coins in your possession. So it is not recommended for beginners to use these types of exchanges.
How do you store the BEL token?
As with all cryptocurrencies, you have to pay attention to storage. This is essential and strategic to avoid unpleasant surprises, especially in connection with the possible hacks that have become more frequent in recent months. There are several ways to store your cryptocurrency, including the paper wallet. However, this is not a safe way to store your crypto coins. Fortunately, you can store your BEL tokens in a physical crypto wallet, also called a hardware or cold wallet .
This storage method is very secure as it protects you from internet hacks. Of the physical wallets that can hold the BEL crypto, there are the Nano S or X ledger and the Trezor.
Finally, it is also possible to store your BEL coins in the hot wallet of the crypto exchange you use. Think, for example, of the wallet of Binance or Bitvavo. However, this way is less secure than a cold wallet. That is why most experts also recommend using a hardware wallet instead of a hot wallet. This way you can be sure that your crypto coins are not stolen by hackers. And that is a very nice feeling!
The price of the BEL token
Bella Protocol’s vision is in line with ARPA’s ambition and the ecosystem shows great stability. Those who own BEL coins can stake and earn from revenues accumulated within the Bella Protocol ecosystem. There are a lot of swings and the balance is a bit hard to find, but remember that the system is new and the protocol is tied directly to Binance which is a big confidence booster. Also keep in mind that the potential for DeFi is accelerating exceptionally fast and Bella Protocol is LaunchPool’s first DeFi offering on the Binance platform.
It is possible to track the price of this crypto coin on various websites. The most used and also the most reliable website for this is CoinMarketcap. The current rate and price of the BEL token can be found here:
After the launch of the token, the value has fallen sharply. It was worth nearly $10, falling to $1 in a few months. It has subsequently risen a number of times, as well as fallen again. At the time of writing, June 2021, the token is worth around $1.7.
There are more and more crypto projects within the world of DeFi. The teams behind these projects release various products that make life easier for users. That is exactly what Bella Protocol does. The project facilitates DeFi use and offers several products for this.
However, it will be difficult for this project to succeed given the competition that lurks around. There are tons of other projects that basically do the exact same thing. Bella Protocol will therefore have to distinguish itself to emerge as the winner.
Thanh Lanh Tran(1989) is Chief Editor from BitcoinUSD.com