Bitcoin

East meets West as eight major projects join the global DeFi alliance

The Open DeFi Alliance has announced the launch of a western division and the formation of eight new companies Member.

Published last month, The alliance seeks to bring together the leaders of the DeFi sector into a global cooperative consortium focused on innovation, risk management and liquidity strategies.

The new members include the decentralized financial companies Aave, Balancer, BlockScience, DyDx, Ocean Ventures, Outlier Ventures, Quantstamp and SuperRare.The organization now comprises a total of 16 companies. It now includes four of the top 20 DeFi protocols per locked capital.

East meets West as eight major projects join the global DeFi alliance
East meets West as eight major projects join the global DeFi alliance

The founder and CEO of Aave, Stani Kulechov praised the alliance’s support for the limitless spirit of the DeFi sector and said he was “excited” to jointly build “financial instruments and infrastructure” within the framework of the alliance.. David Gogel, growth leader at dYdX, highlighted the opportunity that further cooperation with China offers and stated:

“China plays an important role in the global DeFi ecosystem and remains a key market for our long-term success. […] China has a massive user base that brings liquidity, volume, and more innovation to world markets for greater growth potential. “

Original members of the consortium included Sequoia Capital, Blockpower Capital, dForce, MCDEX, Antelope Holdings, DeBank and MoonSwap, as well as the founder of Conflux Network., also supported by the Shanghai Science and Technology Committee.

A number of DeFi consortia were established in 2020;; Ren and Polychain Capital launched the Ren Alliance in March, and TD Ameritrade and Cumberland DRW announced the Chicago DeFi Alliance in April.

The main cryptocurrency exchange Huobi founded a DeFi organization in August to connect East and West. Last month, the Huobi Global DeFi Alliance announced that its membership has tripled to 15 with input from key players including Aave, Balancer, Synthetic and Curve Finance.

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