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Synthetix, the derivatives liquidity protocol for issuance and trading of synthetic assets now has its SNX token listed on OKEx – a leading global crypto spot and derivatives exchange. SNX token deposits as well as spot trading against BTC and USDT went live on July 24, 2020, followed by the activation of token withdrawals on July 24, 9:00 AM UTC.
Launched in 2018, the Synthetix protocol allows users to trade a range of real-world financial instruments including cryptocurrencies, stocks, forex, precious metals, etc., over the blockchain as synthetic assets using ERC-20 tokens. The tokens associated with each synthetic asset tracks the price of the external assets to make such transactions possible. Users on Synthetix can also send and receive these assets just like any cryptocurrency over smartphones.
By extending support for SNX on its platform, OKEx believes that it is making a significant contribution towards fulfilling its long-term vision of being a prime mover in the DeFi space. Synthetix is one of the largest DeFi applications on Ethereum in terms of locked positions whose value is estimated to be around $456 million. The existing Synths on Synthetix include crypto, fiat, commodities, and inverse indices.
“OKEx believes that DeFi holds some of the most potential in the cryptocurrency space. We are glad to see so many high-quality DeFi applications like Synthetix standing out in 2020 and have long been paying attention to and promoting the development of DeFi. We’re also expanding our own footprint in this area with products like our C2C Loan that generates passive income for our users and the development of OKChain that will be used to support a thriving DeFi infrastructure,” said OKEx CEO Jay Hao.
Recently, OKEx announce support for OKChain’s native token OKB on its C2C Loan product. Users can now deposit OKB as collateral along with BTC and ETH to borrow flexible, low-interest loans.
The addition of SNX on OKEx also works in favor of Synthetix as a reputable DeFi solution as only those tokens from genuine projects with real-world applications are listed by the platform. “When listing any new token, in addition to considering the project’s compliance, team and other conventional perspectives, the project’s utility and user expectations are also important indicators. SNX ticks all of these boxes and OKEx is pleased to support popular projects like it,” said Jay Hao.
The DeFi sector has gained a lot of attention from investors and traders in both crypto as well as traditional markets. Many DeFi project tokens have registered high returns in recent times as they continue to develop new features and innovate on their offerings. The collaboration between upcoming DeFi and conventional CeFi projects has also contributed to the sector’s overall growth.
Sharing a positive outlook on DeFi, Jay Hao also said, “OKEx believes that this is just the beginning of the DeFi era. In the future, more innovative products will appear to meet people’s demand for financial services to the greatest extent and become an excellent supplement to the traditional financial system.”
Continuous listing of new DeFi projects and feature launches have so far ensured that OKEx stays not just relevant but also a leader in the rapidly evolving space.
