Both OKEx and Bitrue have announced that they will become hybrid exchanges
This means they will be offering their regular centralized finance services as well as DeFi
DeFi is definitely the future of the blockchain and crypto industries
Late last week, the two exchanges of Bitrue and OKEx announced that they will start offering DeFi services alongside the traditional centralized finance services we are used to. By doing so, both Bitrue and OKEx become hybrid exchanges by offering both CeFi and DeFi.
Bitrue’s DeFi to be Powered By the Bitrue Finance Token (BFT)
In the case of Bitrue, the announcement was made on the 28th of August and included plans of a token sale of the Bitrue Finance Token (BFT). The latter would be a new token on the platform that will power Bitrue’s current financial services as well as the new DeFi offerings.
The team at Bitrue also shared a white paper for the improved Bitrue Financial Services. The white paper outlines the following uses of the Bitrue Finance Token (BFT).
– Can be received as interest on coins invested in Power Piggy
– Can be used to pay interest owed on loans
– Can be used to vote to decide on new coins added to the Bitrue Financial Services suite
– Can be used as a balancing mechanism for the supply and demand of coins within the decentralized lending system
OKEx Taps Compound Finance (COMP) for its DeFi Offerings
With respect to OKEx, the exchange’s CEO, Jay Hao, explained via Twitter that they would be integrating Compound Finance (COMP) to provide DeFi services on the exchange. Mr. Hao’s tweet making the announcement can be found below.
The DeFi industry has more or less taken off in the months of June, July and August. As seen in a previous analysis, the growth of monthly DeFi users has been exponential with August setting a new record with 292,000 active users. This number is despite the occasional occurrence of high ETH gas fees.
This means that DeFi is here to stay and more crypto exchanges will begin offering their own Decentralized Finance services or integrating existing ones.
The DeFi train is traveling fast and at warp speed. Evidence of this can be seen by the recent realization by crypto twitter that UniSwap surpassed Coinbase in 24-hour trade volume. This can be seen in the tweet below made by the inventor of Uniswap, Hayden Adams.