Announcing support for three DeFi tokens on OKCoin cryptocurrency exchange
Today we are pleased to announce the addition of three decentralized finance (DeFi) assets to be listed on OKCoin: Compound (COMP), Polkadot (DOT), and Yearn.finance (YFI). We are one of the first licensed exchanges to support these assets with USD pairings for US and global customers.
After careful internal reviews and listening to community feedback, we have decided to first list these three assets of the 18 DeFi tokens under active review. In the coming weeks, we plan to release additional assets as we complete our review process.
Our mission and purpose
OKCoin is a regulated exchange and licensed across the US. This means we are able to offer our customers an easy way to buy and sell cryptocurrencies using their bank accounts and local currency. At this stage we support USD, EUR, and crypto deposits. This means anyone with a USD or EUR account can easily buy, sell or trade these tokens on our platform. By offering USD and EUR support, we enable people participate in these significant technology shifts and trading opportunities. Easy fiat onramps into DeFi are what’s missing in the ecosystem today, and we’re working to change that.
Our mission is to help propel the adoption of crypto and usher in a future of decentralized finance. This means we carry the responsibility to identify high-quality DeFi assets and make them available with easy funding options.
Building the ecosystem
The DeFi community has built an incredible foundation growing from US $2 billion locked in DeFi smart contracts on July 1st, 2020, to US $8.84 billion today (according to DeFi Pulse). Now, we want to help take DeFi to the next level by providing easy ways for customers to buy these top assets with dollars and euros or using their cryptocurrency from another wallet.
Our support for the DeFi ecosystem extends beyond these new tokens; OKCoin supports seven stablecoins, important assets for DeFi traders and investors. In July, we announced the OKCoin Oracle, a secure price feed providing protocols with a trusted source of signed market data.
The three assets that OKCoin has approved to list provide inherent connectivity into and throughout DeFi. COMP and Compound protocol are widely adopted and already support a lot of development. In addition to being in high demand, YFI is the first asset to scale DeFi yield mechanisms, giving our customers a good starting point for entering into the ecosystem. Polkadot is an interoperability chain, which sets the stage for DeFi development to expand beyond the Ethereum blockchain.
COMP is the native token for the Compound protocol, an algorithmic, autonomous interest rate protocol built for developers. COMP is an ERC-20 token used to propose and vote on changes to the protocol with a total supply of 10,000,000 tokens. Built on Ethereum, Compound enables users to permissionlessly borrow or lend from a pool of assets. COMP presently has a circulating supply of 3,320,985 and a market capitalization of $499,143,572.
DOT is Polkadot’s native token serving four functions: payment for fees, governance over the network, interoperability, and bonding. Polkadot is a sharded protocol that enables blockchain networks to operate together seamlessly. DOT presently has a total available supply of 994,844,995, a circulating supply of 913,897,215 and a market capitalization of $4,716,597,702.
YFI is Yearn.finance’s governance token, used for voting and is distributed through active participation and liquidity provision. Yearn.finance aggregates various lending protocols, including Aave, Compound, and Dydx, and optimizes for the highest yield on deposited assets. Total supply is 30,000, with a circulating supply of 30,000, and a present market capitalization of $1,083,884,864.
With some of the lowest trading fees in the industry, we’re focused on how we can deliver a wider range of tradable assets for OKCoin traders and investors. Our customers have requested DeFi assets, and this announcement serves as phase one of our commitment to delivering on that request.
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