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OKEx Lists Decentralized Money Market Protocol Aave’s LEND Token
Malta, Aug. 11, 2020 — OKEx (www.okex.com), a world-leading cryptocurrency spot and derivatives exchange, announced the listing of Aave (LEND), a veteran open-source and noncustodial protocol that enables cryptocurrency deposits and loans. LEND spot trading against BTC, ETH and USDT will go live at 9:00 am UTC on Aug. 12. LEND deposits opened at 4:00 am UTC on Aug. 11, and withdrawals will be available from 9:00 am UTC on Aug 13.
Formerly known as ETHLend, Aave is a long-standing P2P lending project established in 2017. Since the official transfer to the Aave lending platform on Jan. 1, 2020, its market scale has exceeded $630 million, placing it among the top five decentralized finance protocols in terms of total locked value. LEND is the governance token of the Aave platform. Apart from supporting LEND staking, Aave will use part of the income to implement the LEND token buyback-and-burn scheme.
As a veteran DeFi project, Aave has garnered an enviable reputation in the decentralized lending space. According to ICO Analytics, web traffic flowing to Aave increased by 63% since June, making it the seventh-largest decentralized trading platform in terms of web traffic, with more than 191,000 visits in July. In a Twitter survey involving 1,710 people during that same month, 46.1% of participants believed that Aave would become the first DeFi platform to reach a market scale of $1 billion, far exceeding the support for its closest competitors.
While Aave was beaten by Maker to that first milestone on July 27, the protocol continues to grow at a rapid pace, accumulating more locked value and broadening its user base.
"In the existing DeFi ecosystem, lending projects occupy approximately 14% of the market share and are one of the largest spaces. Compared with the traditional credit system, DeFi lending has significant advantages in terms of trustless transactions, low barriers of entry, and simple procedures. We believe that lending will become an important engine for the development of DeFi," commented OKEx CEO Jay Hao.
"As one of the earliest participants in the lending space, Aave has made significant contributions to the development of DeFi. Stay tuned for our upcoming CEO roundtable later this month, as OKEx is very pleased to join forces with Aave to promote the further growth of decentralized finance."
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