The global crypto exchange and derivatives platform OKEx has started the month of September on a good note by adding three new tokens to its growing list of DeFi projects. With the addition of SushiSwap (SUSHI), YFValue (YFV) and PowerPool (CVP), the total number of DeFi tokens available on OKEx now stands at 32.
Spot trading of the tokens against USDT and ETH went live on September 1, 2020, a few hours after deposits of the said tokens were activated on OKEx. The listing of tokens on OKEx also has a positive effect on their respective projects as they have to undergo thorough evaluation before getting approved. It was reflected by an 84.6% spike in the value of SUSHI to 12 USDT within minutes of the token going live on OKEx.
Commenting on the latest addition, CEO of OKEx Jay Hao said, “With so much going on in DeFi right now, it feels like new innovations are happening every day. We’re excited to see such groundbreaking projects emerging that are not only helping more and more people earn income by providing liquidity but are also solving real challenges such as governance and sustainability to help the DeFi economy grow.”
Each of the three projects listed on the platform has a lot of offer to the growing DeFi space. For starters, SushiSwap is an evolution of the popular Uniswap protocol with additional community-oriented features and enhanced incentives for liquidity providers. It also creates an opportunity for yield farmers to earn better rewards than most of the other available options. Similar to SushiSwap, YFValue makes yield farming accessible to everyone by offering sustainable rewards and easier user experience. YFValue offers multiple staking-asset options and pools along with a longer emission schedule to reach a much broader audience while offering additional security to users’ funds.
Finally, the PowerPool project helps other projects as well as minority token holders with governance rights related issues. By providing them with an option to pool their Ethereum based tokens, PowerPool allows them to accumulate governance power while they continue to lend, borrow and earn income from it. The projects can make use of the features provided by PowerPool to overcome voter apathy related issues that could otherwise become an obstacle to further development or growth.
OKEx has always been a vocal proponent of the widespread use of DeFi to make financial services accessible to all. It is also actively supporting and collaborating with projects that have the potential to make it happen.
“We have really solidified out commitment to DeFi lately and now boast one of the highest offerings of DeFi tokens out of all major global exchanges,” said Mr. Hao.
The platform is in the process of reaching new heights by supporting as many DeFi projects as possible. And going by its track record, the listings are going to continue at a rapid pace in the near future as well.