The second week of August 2020 has been one of the most exciting weeks for the DeFi ecosystem, following the list of four prominent tokens on global crypto spot and derivatives exchange OKEx. The latest DeFi token to be listed on the platform is Curve Finance’s CRV governance token which became available for spot trading against USDT on August 14th, at 4 AM followed by extension of support for BTC and ETH an hour later. The remaining three DeFi tokens listed on OKEx in the past week include Aave (LEND), Aragon (ANT), and Serum (SRM).
Curve Finance is one of the youngest projects to have its token listed on OKEx. Launched in January 2020, it is a decentralized exchange platform that specializes in facilitating low slippage swaps of tokens with similar prices – Stablecoins. The platform is also known for low slippage, low fees, and interest on fees from token swaps for liquidity providers. The Curve platform has a locked value of $506.79 million which makes it the top DEX project and the fifth largest in the DeFi space. It is also worth noting that Curve Finance has integrations with other DeFi protocols like Compound, Yearn.finance and more.
The CEO of OKEx Jay Hao, welcoming CRV to the platform said, “To a certain extent, the emergence of Curve indicates that DeFi has entered a new stage of development. We’re seeing DEXs make important progress and provide users with the much-needed liquidity that was previously missing in the space. We’re also seeing the real potential of yield farming as investors seek to generate the highest returns on their assets. We’re extremely glad to support such innovations and be the first exchange to list the CRV token.”
Curve offers some of the highest annual percentage yields (APYs) in the DeFi space.
Further Mr. Hao added, “OKEx is very optimistic about the potential of DeFi, especially with the continuous development of blockchain technology. We believe that there will be many more decentralized finance applications beyond people’s imaginations in the future, and OKEx is very happy to cooperate with them.”
The Serum (SRM) token listing and spot trading against BTC and USDT went live at 5:00 AM UTC on August 14th, an hour after the launch of CRV spot trading. The serum protocol is the world’s first completely decentralized derivatives exchange offering trustless cross-chain trading. To mark the milestone, OKEx also launched the Net Buy Contest with a prize pool of 30,000 SRM. The content will go on until 4:00 AM UTC, August 23rd.
The total number of DeFi projects listed on OKEx now stands at sixteen, which is set to increase further soon.