Huobi DeFi Labs Announces Global DeFi Alliance To Unite Fragmented Crypto Space

August 18, 2020 5:00 PM UTC

 

Although Decentralized Finance (DeFi) projects are continuously increasing in numbers, people are still curious about the DeFi space. Blockfolio conducted a poll that showed almost 32% of repliers have no information at all. 39% of repliers are interested in learning about DeFi. Only 29% of repliers have attempted it, or they have large farming yields.

To provide knowledge and enhance connections within the DeFi sphere, Huobi DeFi Labs has established a global DeFi alliance that intends to direct research on developing DeFi projects in order to evade upcoming crises in the ecosystem. The newly launched alliance includes MakerDAO, dYdX, Nest, and Compound.

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.”

DeFi Keep Fabricating Massive Growth

DeFi projects present new borrowing and lending solutions to its users by using blockchain, smart contracts, and crypto-assets. DeFi has marked significant growth, mainly fueled by the addition of lending rewards incentives and yield farming. Sharlyn Wu believes that over the next 20 years, financial institutions will completely acknowledge and shift to the DeFi space.

Wu says the alliance will construct a bridge between the East and the West to unite the divided crypto space:

“We deeply feel there is an isolation between the centralized exchanges, financial institutions from the global community, and that we want to close that gap. And also, the huge cultural difference between the East and the West, and we feel that’s part of our responsibility as well to bring the East and the West, the community together.”

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