OKEx took a sprint in the decentralized finance (DeFi) exchange race, as it just launched its DeFi lending marketplace on top of listing eight new projects on its exchange platform.
According to an announcement via its Twitter account, OKEx will aggregate all major DeFi lending products and enable users to check and compare rates for both DeFi and centralized finance (CeFi).
— Jay Hao @OKEx (@JayHao8) August 29, 2020
OKEx CEO Jay Hao said that this will be the “first hybrid lending aggregator” for both DeFi and CeFi in the entire industry, and that they will “redefine [the] crypto lending experience” through its services.
Meanwhile, the following DeFi projects that got listed on OKEx are JUST (JST), Ren (REN), Band Protocol (BAND), Reserve Rights (RSR), Tellor (TRB), YFII.Finance (YFII), Nexus Mutual (wNXM), and Yearn.finance (YFI), which exceeded Bitcoin’s all-time high in price.
The above-mentioned assets began trading on August 28 at 7:00 UTC, with their respective USDT trading pair. Support for BTC and ETH pairs was also provided an hour later.
The DeFi market continues to shake the cryptocurrency world with off-the-charts TVL and valuation. Created to revamp the global banking system, these have become a popular investment option for users who do not trust the current money system, especially with the depressing performance of the US dollar and other fiat currencies.
While the DeFi market is relatively new compared to more popular cryptocurrencies like Bitcoin and Ethereum, many cryptocurrency institutions like OKEx have been very cordial and accommodating to them. In fact, crypto listing sites CoinMarketCap and CoinGecko have even listed these projects alongside other currencies.