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Development of the DeFi market will provoke ...

DeFi market development will provoke fierce competition – head of OKEx
CONTENT

  • The openness of DeFi projects will lead to increased competition

  • Users will learn how to quickly move liquidity, which will affect the volatility of cryptocurrencies

  • The decentralized finance industry is still technically young

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The openness of the decentralized finance market may ultimately lead to an increase in cryptocurrency volatility, says the head of OKEx

Development of the DeFi market will provoke ...

OKEx CEO Jay Hao said that the merger of the decentralized finance market (DeFi) Decentralized finance (DeFi) is financial services built on blockchain technology that offer users access to an open, efficient and … More) with centralized (CeFi) accelerating the adoption of the cryptocurrency and blockchain market. Hao wrote about this on his LinkedIn page..

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The head of OKEx noted that decentralization strongly influences the fierceness of competition due to the openness of the market. He believes that such accessibility will allow blockchain developers to combine various DeFi protocols like Lego..

“This will lead to a significant increase in development speed,” Hao wrote.

Unprecedented freedom

Along with global decentralization, according to Hao, liquidity jumps will come at the same time. In pursuit of the best products, users will get used to quickly transfer assets between platforms, which can also affect volatility..

For decentralized exchanges (DEX), liquidity no longer has boundaries, and such sites can already distribute liquidity across the entire network, he added..

Development of the DeFi market will provoke ...

“We can already see this happening in the case between UniSwap and SushiSwap: liquidity is easily gained and easily lost, which means that DEX should be able to iterate quickly,” says Hao..

Hao believes the DeFi market has the potential of unprecedented freedom where users can profit from a variety of investment combinations..

However, such a combination carries not only benefits, but also risks. These include the risk of order liquidation, smart contract hacks, and oracular vulnerabilities..

“Despite the existing disadvantages of DeFi, I truly believe that this is a great experiment for the blockchain …”, – concluded Hao.

Train late

The DeFi Market Phenomenon has really had a strong impact on the revitalization of the entire cryptocurrency industry..

In mid-August, the capitalization of the DeFi market exceeded the threshold of $ 15 billion.Even despite the recent market correction, DeFi tokens are still afloat and have not collapsed massively, as was the case with the hype around ICOs.

However, there are those who have already felt the effects of the rapid growth of the DeFi market..

Learn how to trade in the cryptocurrency market with BeInCrypto partner – the StormGain cryptocurrency exchange

Earlier, the editorial staff of BeInCrypto reported that Chinese law enforcement agencies raided the Guanj office of the Gate.io cryptocurrency exchange after investors in the DeFi token KIMCHI lost all funds due to the collapse of the asset price.

Development of the DeFi market will provoke ...

Traders affected by the dump believe Gate.io is to blame for the creation of counterfeit coins, when in fact the allegations relate to investment losses, says local journalist Colin Wu.

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