OKEx has been at the limelight of developments in the DeFi industry. DeFi has grown exponentially in the last 12 months and now boasts some $7.87 billion of locked value in its protocols. In addition to OKEx Oracle, the innovative exchange is dedicated to supporting the most high-quality and high-potential projects in the space by recently listing many popular DeFi governance tokens, including Compound (COMP), Aave (LEND), DMM: Governance (DMG), and Synthetic Network Token (SNX).
OKEx is now one of the first validators on Ethereum’s Topaz testnet for ETH 2.0 with its mining pool, OKPool, and launched its C2C Lending feature earlier this year. It allows users to borrow funds using BTC, ETH, or OKB as collateral with some of the lowest rates in the industry. OKEx is also developing OKChain, a decentralized public chain that OKEx envisions will further grow the burgeoning DeFi industry, allowing for large-scale commercial DApps to be built on top of it.
OKEx strengthens its commitment to DeFi. The P2P trading platform has become a crypto on-ramp in India. OKEx India is flourishing its presence in India with the launch of a peer-to-peer trading platform. In this platform, the users can buy digital currencies in Indian rupee at zero fees.
India has a huge unbanked population, wherein millions of adults do not have bank accounts. India is the second-largest country with an unbanked population after China. This P2P trading platform is built to ensure that these unbanked people can access digital currencies easily.
All of us know that digital currencies are here to make profits, but, the OKEx India P2P platform does not charge any fees for the users. They plan to make this platform a crucial gateway for Indians to the digital currency world.
OKEx India plans to make this platform a crucial gateway to the digital currency world as it plans to LEND ₹355,000 token prize pool for P2P traders. The Campaign period will be from 7 September 2020 00:00 IST until 20 September 2020 at 23:59 IST.
The Rise of DeFi
DeFi stands for Decentralized Finance which aims to transform the traditional financial system eliminating the need for any middlemen. DeFi is responsible for performing various actions like lending, borrowing, structuring derivative products, and the buying and selling of securities, through a decentralized open-source network.
DeFi is booming because of its rapid increase in the total amount of funds locked. The funds have grown from just $1 B to $9 B in a span of 90 days. DeFi offers censorship resistance, worldwide participation, and provides a complete decentralized financial ecosystem.
DeFi allows users to have complete control over their assets without the need for a trusted third-party. The transparency in the DeFi ecosystem will support and provide price and market efficiency.
DeFi Projects in trend
Let’s have a look at the trending DeFi projects in the DeFi market:
With DeFi, users can programmatically take loans without a bank account or application review. The users need not go in search of a lender, as the lender is the smart contract itself and the interest rates will be evaluated algorithmically depending on the demand and supply.
In Decentralized Finance, borrowers can stake their digital assets as collateral. The assets will be locked in a smart contract until the debt is paid. Compound, Aave, Maker are some of the prominent examples of DeFi lending platforms.
Decentralized Information Asset (DIA) is a Swiss not-for-profit and open-source blockchain project which aims for the adoption of transparent, open-access data and oracles. In the DIA ecosystem, a decentralized community of DIA token holders and their delegates are serene and the DIA’s Governance Token acts as an incentive to key market actors.
The curve is a protocol that offers a platform to the users to easily swap certain Ethereum-based assets. Curve uses a market-making algorithm to strengthen the liquidity of its markets. But, Curve was not fully decentralized at its launch. So, CRV, which is an Ethereum-based cryptocurrency, was launched in July and CurveDAO, which is a decentralized autonomous organization, uses CRV as a governance token.
P2P Trading on OKEx
As OKEx is expanding its reach in India, it offers Bitcoin and USDT pairs for INR. Also, some more coins are inline to be available on the platform. OKEx India P2P trading platform offers the lowest transaction fees and also allows traders to use payment methods like UPI, IMPS, NEFT, etc. This INR fiat onramp will be bound to traders’ OKEx trading accounts, which allows the users to access the OKEx trading ecosystem.
Why use the OKEx India P2P Platform?
OKEx is one of the world’s largest and diverse cryptocurrency marketplaces which allows global crypto traders, miners, and institutional investors to manage digital assets, improvise their investment opportunities, and hedge risks. OKEx India P2P platform offers a wide range of benefit to its users:
- The users can maximize their crypto access with INR.
- OKEx P2P is free wherein the advertisers can buy/sell offers posted on the OKEx P2P platform to advertise for free. The escrow services are also free for advertisers and users.
- In OKEx India the users who buy crypto assets will be credited to their OKEx wallet for trading on all OKEx markets and exchanges.
- The OKEx wallet offers complete security of the coins stored in it.
- For better service in India, OKEx plans to provide Indian traders with deep liquidity pools and a personalized, efficient means of conducting large order trades.
The countdown for P2P DeFi Raffle Draw begins as we are just 2 days away from the raffle. For more details on the OKEx India P2P DeFi Raffle Draw visit https://www.okex.com/promotion/N2IXXS.