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OKEx, Ontology Release Initiatives to Support DeFi Growth

Most decentralized finance (DeFi) related developments may be taking place outside of China but initiatives coming from Chinese projects like OKEx and Ontology continue to support the growth of the protocol.

The DeFi concept seeks to enable crypto businesses and platforms recreate the traditional financial instruments and serve the ecosystem regardless of varying factors including location. Since its inception, it has seen some noticeable growth such that a bigger outlook has been projected for the future.

Between 2018 and the end of Q2 2020, DeFi accumulated over US$1 bln into the ecosystem, a number that tripled to ~US$4.85 bln as at this writing, according to DeFi Pulse. In a total value locked in DeFi chart for major protocols monitored by the Consensys system, the total number adds up to ~US$3.3 bln from nine major protocols – Aave (LEND), Balancer, BZX, Compound (COMP), Curve, DDEX, DYDX, LENDF, Maker MCD and Maker SCD. Consensys also noted that in Q1 2020, the ~62,000 active users seen across major DeFi protocols went up to ~80,000 in Q2. Since late July and early August, Balancer has emerged and captured a tremendous amount of users on the network.

One of the recent contributions to the space is Ontology’s new decentralized identity solution which seeks to make it easier and more secure for crypto holders and traders to manage and exchange digital assets. The solution gives digital asset holders a 360° access view of all of their holdings on one dashboard application regardless of what wallets those assets are held in.

Ontology founder, Li Jun, said they provided the solution to connect users’ assets to their identity, increase security and trust for all parties, and connect to the DeFi ecosystem because “it is inevitable that DeFi developments will be subject to strict regulations, just as is the case with traditional finance” hence the need for reliable mechanisms to be in place for user identity verification.

On its part, OKEx introduced a secure signed price feed that can be used by DeFi projects to gain access to reliable on-chain prices.  OKEx Oracle seeks to present developers with dependable signed price data from a trustworthy source. Its release adds to OKEx’s recent listing of popular DeFi governance tokens including Compound, Aave, DMM: Governance and Synthetic Network Token. It is one of the first validators on Ethereum’s Topaz testnet for Ethereum 2.0 with its mining pool, OKPool, and launched C2C Lending feature earlier this year for users to borrow funds using BTC, ETH or OKB as collateral. Its OKChain is expected to enable the DeFi industry grow by allowing large-scale commercial decentralized applications to be built on top of it.

“Having access to a trustworthy price feed signed by OKEx gives DeFi projects and users the peace of mind that the data they are using is 100% accurate. Not only does this help to build reliable foundations to support DeFi further, but it also helps to ensure the security of users’ assets and the longevity of the protocols they’re using,” says its CEO Jay Hao.

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