DeFi Craze Is Still On, OKEx Lists Eight New DeFi Tokens

It seems like major cryptocurrency exchanges are continuing to elevate the image of the field of decentralized finance, known as DeFi. That being said, the DeFi craze is still on and OKEx is the latest cryptocurrency exchange which hopped on the bandwagon.

As we saw in the latest altcoin news on August 28, OKEx announced listings for eight different DeFi tokens including Band Protocol (BAND), JUST (JST), REN, Reserve Rights (RSR), Yearn.finance (YFI), Nexus Mutual (wNXM), YFII.finance (YFII), and Tellor (TRB). The move was commented by many as the pinnacle of the DeFi craze and the right time for OKEx to join the entire momentum.

The CEO of the exchange, Jay Hao, praised the DeFi space and stated the following:

“OKEx has been keenly observing the DeFi market dynamics and trying our best to collaborate with high-quality innovative DeFi projects that show the most potential. We are very encouraged to see so many excellent projects emerging in the market, as this also indicates that the DeFi space is developing rapidly.”

From what we can see, OKEx is certainly not alone in its commitment to the particular facet of the blockchain ecosystem. In April, the Binance exchange issued a new DeFi token which was backed by the crypto asset Ontology (ONT). The token was built on Binance Chain and governed by a series of parameters known as BEP2, going by the name ONT-33D, as a Binance spokesperson told the media.

Back in June, Coinbase also announced support for the popular DeFi project Compound (COMP), while Huobi Global also listed the Band Protocol (BAND) on August 10, and Poloniex exchange listed the Decentr DeFi token in July 2020.

All of this is proof that decentralized finance is growing. As we said in an earlier post on our website, even the coins correlated to DeFi have seen immense growth over the months, as they managed to top the weekly scoreboards and be one of the best performers on a yearly level in 2020.

With the latest move, OKEx is joining the DeFi craze and all of this is proof that no exchange should ignore the prosperous space that decentralized finance has introduced.