Aave, Synthetix, Eight Others Join Huobi-Backed Global DeFi Alliance

UTC by Benjamin Godfrey · 3 min read
Aave, Synthetix, Eight Others Join Huobi-Backed Global DeFi Alliance
Photo: Depositphotos

By joining the Global DeFi Alliance, the new members are expected to support the core visions of the body which involve assisting in the development and adoption of DeFi at a global scale.

Huobi’s Global DeFi Alliance has welcomed Aave, Synthetix as well as eight other Decentralized Finance (DeFi) protocols into its fold. With the alliance floated with its five founding members back in August, the new members have brought the alliance’s membership to 15.

With decentralized finance platforms, protocols, and offerings stirring a paradigm shift in the world of finance today, the launch of the DeFi Alliance by Huobi seeks to help bolster investor interest in a united body while fueling productive and functional collaborations.

“DeFi is the first attempt in human history to build a modern financial system without credit risk, and it is unleashing the power of free economy at a global scale,” said Huobi’s Chief Investment Officer Sharlyn Wu. “However, there are still many gaps that need to be filled, from theoretical research and technological development to ecosystem development. Not only are centralized financial institutions still far removed from crypto-native communities, but there’s also a divide between Asian and Western DeFi communities.”

The onboarding of Aave, Curve Finance, Synthetix, and others, will help propound the alliance’s “cross-border collaboration opportunities” and promote the development of the DeFi ecosystem. Commenting on the onboarding of the new members, Huobi’s chief investment officer Sharlyn Wu said:

“We appreciate all new members of the Global DeFi Alliance and look forward to cooperating with them in various fields from user education, practice sharing, protocol standardization, risk management to supporting the development of the global decentralized financial ecosystem.”

New Possibilities for Aave, Synthetix, and Others

By joining the Global DeFi Alliance, the new members are expected to help advance the core tenets and visions of the body which involve supporting the development and adoption of DeFi at a global scale.

Aave, Synthetix, and the other members will help commit resources to promote technological innovation in DeFi through joint research and theoretical development, develop educational content and assets to further improve investor education on the topics of DeFi and cryptocurrencies, drive increased collaboration by promoting cross-border communications between DeFi projects, institutions, and other stakeholders and a host of other functions or engagements.

“We hope to transform the traditional financial landscape by combining cutting-edge forces in the industry, looking for the best use cases, and jointly promoting DeFi to become more accessible, for the vision of creating next-generation financial systems to benefit billions of people around the world,” Wu stated in a statement.

The Global DeFi Alliance vision is shared by all of its members, many of whom are key stakeholders in the emerging DeFi ecosystem.

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Benjamin Godfrey

Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.

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