Huobi Group Announced DeFi Incubation Platform, As DeFi Sphere Passed New Thresholds

August 4, 2020 4:29 PM UTC

 

The trend of decentralized finance platforms continues to increase in all perimeters. The abrupt surge is mainly fueled by the extension of lending rewards incentives and yield farming. DeFi has marked significant growth, so for this year. DeFi protocols provide new borrowing and lending solutions to its users by employing blockchain, smart contracts, and crypto assets.

As per the market report, the DeFi sector moved to fabricate rapid growth as the total value locked in the platforms passed the $4 billion thresholds.

Huobi DeFi Labs Intend To Incubate DeFi Protocols

Observing the spark of decentralized finance space, Huobi Group has planned to introduce a new DeFi initiative entitled as Huobi DeFi Lab. 

Huobi DeFi Labs will examine, invest, and incubate various DeFi projects. During the conference, Huobi Group officially states that it will “allocate tens of millions of dollars to an initial investment fund, which will be managed by Huobi DeFi Labs.”

The press briefing further discloses that the Huobi DeFi Labs team initially will be based upon four research and investment staffers. Whereas, Sharlyn Wu, a chief investment officer of Huobi, supervises the project.

“It is exciting to see the power of permissionless economy unleashed at global scale. However, there are still many problems to be solved at theoretical and technical level,” Wu said. 

Huobi Group launches its new DeFi initiative at a time when DeFi sphere proceeds to display an enormous increase. The growing trend of the sector significantly supports Ethereum to exhibit exponential growth. On July 1, ETH has attained a two-year high of $413. Currently, ETH was trading close to $393.

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