Eight New Members Join Global Open DeFi Alliance’s Western Arm

UTC by Bhushan Akolkar · 3 min read
Eight New Members Join Global Open DeFi Alliance’s Western Arm
Photo: Depositphotos

The Open DeFi Alliance supported by the Shanghai Science and Technology Committee seen new members with some of the top DeFi protocols forming a consortium that focuses on innovation, risk management, and liquid strategies. 

Earlier today, the Open DeFi Alliance announced the launch of the new Western Arm while onboarding eight new members and some of the top DeFi projects in the market. The new members of the DeFi Alliance include some of the notable DeFi projects like BlockScience, Aave, DyDx, Balancer, Outlier Ventures, Ocean Ventures, QuantStamp, and SuperRare.

Out of these eight, four of them come in the list of top 20 DeFi protocols by total value locked. The latest addition form the bridge between the East and the West. The Open DeFi Alliance aims to unite big players from the DeFi space. The larger purpose is to form a global cooperative consortium while focusing on innovation, risk management, and liquid strategies.

Aave founder and CEO Stani Kulechov spoke about the massive capabilities in the DeFi sector. Being part of the alliance, he also welcomed this development to collaboratively build “financial tools and infrastructure”. On the other hand, DyDx growth lead David Goel proposed a greater collaboration with China. He said:

“China plays an important role in the global DeFi ecosystem and remains a key market for our long-term success […] China has a massive user base that will bring liquidity, volume, and more innovation to global markets for greater growth potential.”

Aave, the DeFi lending protocol has recently raised $25 million to attract institutional players to the DeFi market. The investment came from some of the big players like Blockchain Capital, Standard Crypto, and others.

Growth of Global DeFi Consortiums

The original members of the Open DeFi Alliance include some of the big players from the venture capital space. Some of them are Blockpower Capital, Sequoia Capital, MCDEX, dForce, DeBank, MoonSwap, and Antelope Holdings. Besides, this alliance also has support from the Shanghai Science and Technology Committee.

Earlier in August 2020, crypto exchange Huobi announced its global DeFi alliance with the aim of bringing the global DeFi community together. Huobi has already seen some of the big players joining its alliance. The names include Balancer, Aave, Synthetix, and Curve Finance.

Huobi’s Chief Investment Officer Sharlyn Wu said:

“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”.

2020 has turned out to be a key year for the growth of the DeFi markets. Besides, a number of DeFi protocols have seen the value of their native DeFi tokens skyrocket during the market rally.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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