OKEx accelerates NFT adoption with DeFi Hub, NFT Marketplace
OKEx Earn to Help Users Gain Passive Income Via Compound, Curve and YFII
Malta, Sept. 8, 2020 — OKEx (www.okex.com), a world-leading cryptocurrency spot and derivatives exchange, continues to expand its footprint in the DeFi economy by allowing its users to earn more passive income through the addition of three popular DeFi projects: Compound, which has gone live, as well as Curve and YFII.finance, which will be listed soon. Through the OKEx Earn platform, users can now earn interest on their favorite cryptos rather than simply HODL, as well as borrow funds at attractive rates.
By cooperating with major DeFi platform Compound, users can gain loan interest as well as additional COMP governance tokens by depositing BAT, DAI, ETH, USDC, USDT or ZRX.
Taking into account the characteristics of Curve and YFII that generate revenue by providing liquidity, OKEx Earn has also launched seven-day wealth management products. After a three-day fundraising period, users' funds will be integrated, pooled and invested together to reduce transaction fees. Currently, Curve supports USDC, USDT, DAI and TUSD, while YFII supports USDT and DAI.
“We have long been committed to making OKEx a one-stop cryptocurrency platform to meet the needs of different types of users, and have always emphasized the significance of DeFi and passive income to the development of the blockchain industry,” commented OKEx CEO Jay Hao.
“Thanks to the emergence of DeFi projects like Compound, Curve and YFII, the blockchain industry has been gaining more attention, and the gap between crypto and traditional finance is gradually being bridged. It is through quality protocols and innovations like these, as well as through collaboration, that DeFi will achieve its long-term potential as a supplement to the traditional financial system rather than a place that's starting to draw negative press for many of its tokens' superlative gains and losses.”
The cryptocurrency industry has often been criticized for its lack of real-world use cases that can prove its ability to transform the existing financial system. However, this situation is rapidly changing with the advent of DeFi. Earning passive income with high rates and accessing financial tools that allow investors to make their money work for them rather than the other way around is proving extremely popular. DeFi has even gained the interest of large institutional players such as TD Ameritrade and Arca Labs.
From initial stablecoins to lending and liquidity that can provide passive income, DeFi has gradually moved closer to traditional finance. However, with new features, such as low friction and trustlessness, users can now transfer value more efficiently at a fraction of the cost, thus greatly improving on the current system.
“One of the important intentions behind OKEx Earn's support for Compound, Curve and YFII is to encourage users to pay more attention to the innovation and practicality of the projects, which can really promote the progress of the industry rather than just focusing on the price of a certain token in the secondary market,” Jay added.
According to OKLink data, the total value locked in the DeFi market recently reached over $11 billion, with the figure standing at $9.65 billion at the time of writing. This is explosive growth from the start of the year and shows high demand for this alternative to traditional financial products with near-negative yield on savings and high interest rates on loans.
A world-leading cryptocurrency spot and derivatives exchange, OKEx offers the most diverse marketplace where global crypto traders, miners and institutional investors come to manage crypto assets, enhance investment opportunities and hedge risks. We provide spot and derivatives trading — including futures, perpetual swap and options — of major cryptocurrencies, offering investors flexibility in formulating their strategies to maximize gains and mitigate risks.
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