The rapid growth of the decentralized finance space, increasing demand, improving its protocols, expanding the services and opportunities offered will provide retail users with options sorely lacking in the current financial system. Companies can use it to transfer real assets to the blockchain, resulting in unprecedented cost savings and improved efficiency.
But it doesn’t have to be a violent revolution. DeFi doesn’t necessarily have to overthrow the existing system. I think DeFi will complement conventional funding, forcing it to do better work, and most importantly, it will finally enable the financial inclusion of the 1.7 billion non-banks in the world.
At OKEx we have followed DeFi’s growth with great interest. Although our flagship is the central bitcoin exchange (BTC), we believe the two ecosystems can coexist. We believe that there is a place for the traditional financial system alongside Bitcoin and other cryptocurrencies, so a central exchange will be required. However, the panorama is definitely beginning to shift.
The major exchanges shifted their focus to a new area: the public chain. And unlike our competitors at OKEx, our vision is for OKChain to be completely decentralized and not just an extension of our core business. We believe that there is indeed a responsibility to all who can contribute to the growth of the thriving DeFi space.
The exchange of cryptocurrencies for cryptocurrencies will always be an important fiat deposit channel in the crypto world. However, as the recent Wirecard incident made clear, this may not be the only way to get more green ramps.
The rise of C2C trading
An important and currently unused method of depositing paper money in cryptocurrencies is client-to-client trading. In this way, private customers can deposit money with stable currencies in a completely decentralized way. This is actually a better option for many people given the uncertain regulatory climate, and in some countries it may even be the only gateway for people to code.
The C2C trading platforms are constantly improving so far. As with everything in this emerging field, there is still much to be done. Consumers need more information about the stablecoin or token to use and how to choose a platform that offers security, a good user experience and depth of trading. With improvements being made in this area across the industry, C2C trading is becoming the next big hang of cryptocurrency and driving adoption even further.
The OKEx peer-to-peer trading platform in India is a prime example of this advancement in P2P trading. Through the platform, users in India can buy Bitcoin, Tether (USDT) and other cryptocurrencies in Indian rupees using a variety of payment methods including credit / debit cards, PayPal, PhonePe, IMPS, UPI and more.
India is a potential mega-market with a population of 1.3 billion, of which around 5 million currently own cryptocurrencies. This indicates great growth potential. In addition, the combination of the Reserve Bank of India’s cryptocurrency ban, lifted on March 4, and widespread COVID-19 bans have resulted in a boom in the Indian digital currency market.
The giant steps at DeFi
The development in the DeFi space was nothing short of his arrest. We pride ourselves on supporting the inevitable expansion as Ethereum migrates to Ethereum 2.0 and other innovative projects in space set records left and right. For this reason, OKEx Bitcoin Exchange has become one of the first reviewers in the Topaz test network for Ethereum 2.0 with its OK-Pool mining pool.
That’s why we’ve also listed some of the top projects in DeFi, including MakerDAO, Compound, DMM, Synthetix, Aave, Aragon, Curve, and Serum. In contrast to Ethereum, these are some of the most important pillars of space in our opinion. MakerDAO and Compound are competing for the largest DeFi protocols with currently closed crypto assets valued at more than $ 2.2 billion.
For users from all over the world, obtaining credits, credits and interest on their cryptocurrencies in P2P transactions is an achievement in innumerable numbers that will ultimately change the lives of many people around the world. For the first time, people can avoid the bank and transact directly from their cell phones. They can earn interest, get loans, start businesses, send their children to school, and lead a decent life. All of this will be possible through decentralized funding.