The ten giant DeFi protocols have joined the Global DeFi Alliance, Huobi’s decentralized finance consortium, to direct research on developing DeFi projects in order to evade upcoming crises in the ecosystem. The new members include Curve Finance, Aave, Synthetix, Balancer, Loopring, Zapper, Zerion, Bitpie, Mykey, and CoinGecko.
One month ago, the Global DeFi Alliance was introduced with the intention to enhance collaboration between decentralized finance protocols. While responding to the media, Sharlyn Wu, a chief investment officer of Huobi, said, “We have to partner with the entire ecosystem. But we want to work with the best of projects out there and make sure our users have access to them.”
On September 15 Sharlyn said:
“We appreciate all new members of the Global DeFi Alliance and look forward to cooperating with them in various fields from user education, practice sharing, protocol standardization, risk management to supporting the development of the global decentralized financial ecosystem.”
To provide DeFi knowledge and awareness, the Global DeFi Alliance aims to host various events in order to target the Asian firms and users. Before joining the alliance, Aave and Synthetix also planned to expand their services in the Asian region.
$1B Worth of Bitcoin has been tokenized for DeFi
DeFi bubble is continuously expanding in size. According to the report, investors have tokenized almost 100,000 BTC to access DeFi projects on the Ethereum network, more than half have been migrated.
Other than Blockstream’s Lightning Network, $1.05 billion worth of BTC has been tokenized, as per DeFi Pulse. The newly achieved milestone shows a highly elevated interest of Bitcoin hodlers to generate passive returns from ETH-based DeFi protocols.
Market inside data and the industrial analysis shows that the three DeFi projects have pulled over half of all tokenized Bitcoin, collectively. Curve Finance stands at the top spot with almost 27,600 tokenized BTC, worth 295 million. Aave is trailing with 17,800 BTC, and Balancer with 9,500 BTC.