OKCoin becomes the latest exchange to move in on DeFi

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Oct 14, 2020
  • OKCoin recently listed three new DeFi tokens to provide users with more benefits.
  • Each token contributes to the users ability to earn or have an influence within their native projects.
  • DeFi sector being the biggest current trend, and allowing users to earn, its tokens are highly appreciated.

As the DeFi sector continues to rise and attract attention, countless major exchanges have already listed numerous of its projects. The likes of Binance, Gemini, Coinbase, and many others have already added some DeFi projects. Now, OKCoin announced doing the same, so that its users could take advantage of the new trend.

OKCoin lists three more DeFi projects

OKCoin has made several announcements recently, such as the launch of its office in Singapore. The most recent one, however, is that the exchange plans to list several DeFi projects, including Chainlink (LINK), DFI.money (YFII), and YF LINK (YFL).

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The platform already added several of the biggest DeFi tokens recently, such as Uniswap (UNI), Polkadot (DOT), Compound (COMP), and yearn.finance (YFI).

OKCoin now wishes to provide its clients with easy and seamless access to the new tokens which are taking the world of crypto by storm. To make projects particularly easy to reach, the exchange’s team believes that they need to be paired against USD, which would make them easier to move in and out.

More than that, pairing the tokens against USD would make them more accessible to a greater number of users.

Why these tokens?

This is necessary, as DeFi tokens bring a number of highly beneficial opportunities for users to take advantage of. For example, one of the most popular uses is yield farming, or liquidity mining, as it is also known as.

Through it, users can make a profit simply by holding digital assets locked up in a wallet. This is something that may remind of staking, although it is more complex.

All of these tokens were added for their unique use and benefits that they can bring to the community, meaning that they were not listed randomly.

Other tokens, such as LINK, can be used to pay for some of the node operations, as well as for staking itself. Not to mention that Chainlink’s oracle network can provide accurate price feeds, and as such, it is very useful for smart contracts and dApps.

Yearn.finance contributes by aggregating different lending protocols, DFI.Money offers a governance token and a yield aggregation protocol, while YFL allows the token holders to vote and help make various project-related decisions.

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