Aave, Balancer, and CoinGecko Swell DeFi Alliance’s Ranks
According to Blockcast, Huobi DeFi Lab has announced the addition of ten new tokens to its Global DeFi Alliance. The new entrants include a cast of DeFi behemoths such as lending giant Aave, derivative trading service Synthetix, and crypto market data provider CoinGecko.
Others include decentralized exchanges (DEX) Balancer, Curve, and Loopring and Zerion — a trustless banking interface — and Zapper, Bitpie, Mykey, and Zerion making up the others. Together, the Global DeFi Alliance now has 15 members.
Commenting on the new addition to the developmental initiative, Huobi DeFi Lab chief Sharlyn Wu, remarked:
“With the addition of new members, the members of the Global DeFi Alliance have covered the core teams in all segments of the decentralized finance field. We still look forward to more builders participating. The global DeFi alliance will jointly explore industry collaboration without borders.”
Huobi DeFi Lab instituted the initiative back in August to fill the gaps between the Western and Eastern hemispheres in terms of DeFi developement. At the time of the inauguration, dYdX (dYdX), MakerDAO (MKR), Nest (NEST), and Compound (COMP) were the founding members.
With the new members in tow, the Global DeFi Alliance will possibly move forward with pursuing research and development efforts aimed at maximizing the benefits of the novel DeFi space.
No Stopping the Current DeFi Advance
One of the Global DeFi Alliance’s core mission is the to advance the sector in the Asian market. As reported by BTCManager, DeFi is starting to gain popularity in the region with Chinese Traders mass withdrawing from centralized exchanges to enter yield farming position on DEXs.
According to data from DeFi analytics website defipulse.com, the total value locked (TVL) of Ether (ETH) in the market now is $8.54 billion. Automated market maker (AMM) Uniswap has become one of the more prominent cryptocurrency exchange services even dwarfing the volume seen on some notable centralized platforms.
Amid the optimism in the sector, numerous scams and security vulnerabilities are still there. DeFi lending platform bZx recently suffered another major breach with hackers reportedly stealing $8 million in cryptocurrencies.