Decentralized finance (DeFi) growing trend continues to expand in all directions. DeFi meteoric growth is mainly lifted by the introduction of reward incentives and yield farming. As per the report, the total value locked in the sector rallied almost 271% to attain a $7 billion milestone, for the first time.
Observing the growing trend of DeFi tokens, leading cryptocurrency exchange has announced to list eight different DeFi tokens. According to a recent announcement, crypto exchange plans to rollout Band Protocol, JUST, REN, Reserve Rights, Yearn.finance, Nexus Mutual, YFII.finance, and Tellor.
Endorsing the DeFi sector, Jay Hao, CEO of OKEx, said:
“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.”
Crypto Specialist Remain Optimistic About DeFi Future
Certainly, OKEx is not the first to enter the DeFi ecosystem. In April 2020, Binance announced a new DeFi token supported by Ontology (ONT). Similar in June 2020, Coinbase offered support for Compound (COMP), and recently on August 10, Huobi Global has listed Band Protocol (BAND).
Some analysts believe that the DeFi sector has the potential to reshape the future of finance. The DeFi project uses smart contracts and digital assets to assist its users by presenting new borrowing and lending solutions. Experts said that Financial institutions need to acknowledge new opportunities presented by DeFi protocols in order to thrive in this ecosystem.