Introducing the Western Arm
The Open DeFi Alliance has taken a big step forward by launching its Western arm, which is like the cool cousin who shows up at family gatherings just when things are getting monotonous. This global cooperative consortium is aimed at stirring up innovation and refining risk management and liquidity strategies in the decentralized finance (DeFi) sector.
Meet the New Members
Joining the alliance are eight heavyweight firms that are making waves in DeFi, including:
- Aave
- Balancer
- BlockScience
- DyDx
- Ocean Protocol
- Outlier Ventures
- Quantstamp
- SuperRare
With these additions, the alliance now boasts 16 member firms, including four of the top 20 DeFi protocols by locked capital. Talk about bringing in the big guns!
The Vision Behind the Alliance
Aave’s founder and CEO Stani Kulechov expressed his enthusiasm for this initiative, stating that the alliance supports DeFi’s ethos of being borderless. He’s pumped about collaboratively developing “financial tools and infrastructure” that will benefit everyone involved. It’s like creating a big group project but with actual outcomes rather than just a fancy poster.
Collaboration with China
David Gogel, growth lead at dYdX, highlighted the significance of engaging with the Chinese market. He mentioned, “China plays an important role in the global DeFi ecosystem and remains a key market for our long-term success.” It’s a reminder that to really win in DeFi, it helps to have a massive user base, and China certainly offers that. They’re like the life of the party—who wouldn’t want them on their team?
The Growing DeFi Landscape
2020 has seen a surge in DeFi consortiums trying to outdo one another. Ren and Polychain Capital took the plunge with the Ren Alliance in March, while TD Ameritrade and Cumberland DRW started the Chicago DeFi Alliance in April. Major crypto exchanges are also getting in on the action—like Huobi, which has triumphed in doubling its membership for its Global DeFi Alliance to 15, with some of the biggest names in the game joining.
It’s safe to say, if you’re not part of a DeFi alliance in 2020, are you even trying? Here’s to more collaborations, a lot of liquidity, and perhaps a few less sleepless nights for all the DeFi enthusiasts out there.
