The Fifth biggest DeFi protocol Aave got its native LEND token listed on one of the leading crypto exchanges OKEx. The platform extended support for the LEND token against BTC, USDT, ETH a day after the deposits were allowed on the platform so let’s find out more in the upcoming altcoin news.
Aave, known as the ETHLend has been around since 2017 enabling the creator of money markets by offering crypto deposits and lending facilities. The ETHLend moved to the Aave lending platform at the start of 2020 with a market scale of more than $630 million, making it the fifth-biggest Defi protocol in terms of locked value. Backed by the strong community, Aave continued to register strong growth as a lot of the projects tried to breach the $1 million mark in terms of market scale.
The recent surveys show that the increased interest in the Aave lending platform over the past few months can be seen by 63% in visitors since June 2020, making it the seventh-largest decentralized trading platform in regards to web traffic. Aave’s positioning in the market makes it a huge player in the industry capable of promoting the use of the Defi among the masses. The collaboration with OKEx which is a strong proponent of the DeFi further enables both the parties to create an environment where the financial services over a blockchain that could address the issues faced by all of the people that are unbanked.
The CEO of OKEx Jay Hao outlined the importance of decentralized lending projects such as Aave and said:
“In the existing DeFi ecosystem, lending projects occupy approximately 14% of the market share and are one of the largest spaces. Compared with the traditional credit system, DeFi lending has significant advantages in terms of trustless transactions, low barriers of entry, and simple procedures. We believe that lending will become an important engine for the development of DeFi.”
Mr. Hao hinted on a possible extended partnership with Aave and continued further:
“As one of the earliest participants in the lending space, Aave has made significant contributions to the development of DeFi. Stay tuned for our upcoming CEO roundtable later this month, as OKEx is very pleased to join forces with Aave to promote the further growth of decentralized finance.”
LEND is the governance token of the Aave platform and the backbone of what the project created “Aavenomics.” The token is now available to the global trading community so it will continue to support the token staking while using a portion of revenues to implement the token into a buy-back and burn scheme.
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