OKEx accelerates NFT adoption with DeFi Hub, NFT Marketplace
OKEx Lists 21 DeFi Tokens in Past 30 Days, Fueling Innovation in the DeFi Economy
Malta, Sept. 4, 2020 — OKEx (www.okex.com), a world-leading cryptocurrency spot and derivatives exchange, has demonstrated its strong commitment to the DeFi economy by listing a total of 21 DeFi tokens in the past 30 days, placing it at the forefront of top-tier exchanges globally and highlighting its outstanding ability to identify and vet high-quality projects for its global user base.
The last month has been full of opportunities for crypto enthusiasts. At the beginning of August, many altcoins took the lead in surging, including Web3 network protocol Polkadot (DOT) and PoS blockchain platform Algorand (ALGO), which saw an 80% increase in just two days, leading many analysts to declare that the so-called “Alt Season” had officially begun in earnest. At the same time, many IEO tokens, including OKEx Jumpstart tokens, were also displaying a dazzling performance.
However, the most eye-catching space by far has been the burgeoning DeFi economy, making explosive gains for many investors. According to OKLink data, the DeFi total market cap reached a record of $17.74 billion on Sept. 1, which is an increase of more than 250% from Aug. 1, when it stood at $6.87 billion.
With a commitment to providing the most interesting up-and-coming projects for its users, OKEx has thrown its weight behind the DeFi movement and now has 35 DeFi tokens on offer, 21 of which have been listed in the past 30 days. However, the exchange is quick to point out that investors should be cautious about looking for quick gains and should seek to understand the real purpose of the project and problem it seeks to solve.
OKEx CEO Jay Hao commented: “We are very encouraged that so many high-quality and innovative DeFi projects have emerged in the market and are glad to provide our users with the opportunity to get in on the ground of their development. We do, however, uphold very high standards when it comes to selecting products for listing on our platform. It is only after an objective in-depth investigation of the project to understand and predict its development direction that we decide whether or not to move forward.”
“We encourage investors to maintain the same diligent standards and hope that all traders’ investment decisions are also based on project understanding and rational analysis.”
Of course, there will always be speculators seeking to ride the gains that many DeFi tokens are making. However, beyond the impressive percentage leaps and the current fever over yield-farming, real meaningful strides are being made to tackle DeFi fundamentals that, some argue, are not growing as quickly as the skyrocketing protocols’ token prices.
Some of the latest DeFi projects to do this include PowerPool, which seeks to solve the problem of governance on DeFi platforms; UniTrade, which tackles the low-liquidity issues associated with trading on decentralized platforms; and UMA, that is designed to enable Universal Market Access through self-enforcing contracts that allow any two counterparties to design and create their own financial contracts.
PowerPool (CVP) is a highly innovative protocol, offering a convenient solution for pooling governance tokens. This allows minority token holders to pool their various DeFi tokens to accumulate governance and extract additional utility while resolving the issue of voter apathy for many protocols built on the Ethereum blockchain. Its users can also lend, pool and earn incentives on the platform.
In a short period of time after going live, CVP had already achieved an average daily transfer rate of 5,000 transactions and an average daily increase of 1,000 holding addresses, indicating high activity.
UniTrade is a completely decentralized trading platform that is built on UniSwap liquidity pools and requires no KYC, no accounts and has no trading limits. Unitrade also provides a series of functions that UniSwap doesn’t offer, including real-time order books, real-time depth data, transaction history and limit order, which greatly enhance the user’s trading experience.
UMA is a synthetic assets issuing platform that is technologically innovative compared with similar products. Built on Ethereum, UMA’s financial infrastructure mainly offers two products: data verification mechanism (DVM), and a decentralized oracle service and priceless financial contract design, which can be used to create synthetic tokens. As the top project in the synthetic assets space, according to OKLink data, UMA currently takes second place in terms of market cap among all DeFi projects, with a market cap of $1.24 billion.
Apart from the three promising projects above, OKEx also listed 18 more outstanding DeFi tokens, including SushiSwap (SUSHI), YFII.finance (YFII), Aave (LEND), Decentralised Information Asset (DIA), yearn.finance (YFI), Xensor (XSR), Proton (XRP), Curve (CRV), Serum (SRM), Kleros (PNK), Mantra DAO (OM), Band Protocol (BAND), Just (JST), REN (REN), Reserve Rights (RSR), Nexus Mutual (wNXM), Tellor (TRB) and YFValue (YFV).
Jay Hao added:
“We firmly believe that DeFi will be a long-lasting supplement to traditional financial services, and the current achievements are just the beginning. We are also looking forward to the emergence of more innovative and practical projects, and will do our best to support the development of DeFi.”
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.
Email: [email protected]
Telegram group (English): https://t.me/OKExOfficial_English
Telegram group (Russian): https://t.me/okexofficial_ru
Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.