DeFi simply means Decentralized Finance, it is a form of finance that does not require a middleman/intermediary to interact with traditional financial activities such as Lending and borrowing, Saving, Spot trading, Margin trading, Derivatives trading and now Insurance.
It is based on the blockchain and utilizes smart contracts to make it possible for users to benefit from all DeFi offers, the middleman in this instance will be the written smart contracts instead of a central institution. DeFi provides a platform where users irrespective of their age, race and beliefs can interact with financial activities, this is seen as financial freedom.
DeFi is enabling users to have more control over their money and other personal assets, something centralized Finance has failed to do. It came into limelight mid-2020 and the adoption has increased a lot in recent months with over $50 billion locked with the DeFi space as of April 2021, this proves users are starting to get comfortable with having their funds in a decentralized system.
OKEx is a top trading exchange that believes in decentralization, part of its objective is to allow users stay in charge of their funds with the best trading experience. OKEx support for DeFi related projects brought about OKEx Oracle, it is a secure signed price feed that can be used by decentralized finance projects to gain access to reliable on-chain prices.
Developers of decentralized finance projects get access to a dependable signed price data from a reputable source in OKEx. This is vital to the DeFi project as OKEx Oracle helps in providing accurate data to tackle possible exploit systemic vulnerabilities in DeFi protocols, thereby creating a project that can be trusted. One of the beauty of OKEx Oracle is that it is open to everyone, not restricted to OKEx customers alone.
"Having access to a trustworthy price feed signed by OKEx gives DeFi projects and users the peace of mind that the data they are using is 100% accurate. Not only does this help to build reliable foundations to support DeFi further, but it also helps to ensure the security of users' assets and the longevity of the protocols they're using"
Jay Hao, OKEx CEO.
OKEx has also been providing support to top DeFi projects in terms of quality and potential by listing popular DeFi governance tokens, including Compound (COMP), Aave (LEND), DMM: Governance (DMG) and Synthetic Network Token (SNX).
A world-leading cryptocurrency spot and derivatives exchange, OKEx offers the most diverse marketplace where global crypto traders, miners and institutional investors come to manage crypto assets, enhance investment opportunities and hedge risks. We provide spot and derivatives trading — including futures, perpetual swap and options — of major cryptocurrencies, offering investors flexibility in formulating their strategies to maximize gains and mitigate risks.
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