OKEx goes all in on Uniswap’s new token amid hovering DeFi charges

Crypto alternate OKEx added Uniswap’s new UNI token to the array of property provided on its platform, along with trading merchandise across the asset.

“Not solely has OKEx added help for spot trading of UNI, however it is usually offering its customers with probably the most complete vary of trading merchandise for this scorching DeFi token, together with margin, swap trading, coin-margined perpetual swap and Financial savings, making OKEx the primary alternate to supply UNI derivatives,” OKEx detailed in a assertion Thursday. 

Uniswap, a decentralized alternate, launched its own Ethereum-based token, UNI, on Wednesday, dispersing the asset to customers of the decentralized finance platform by way of airdrop. In whole, Uniswap dished out 15% of its 1 billion token stockpile.

The transfer triggered a frenzy within the crypto house, as have many DeFi developments as of late. The quantity of exercise across the UNI airdrop has positioned an ongoing pressure on Ethereum’s blockchain, stalling transactions whereas punting fuel costs by way of the roof. Inside a 60-minute time interval, folks collaboratively paid almost $1 million for transaction prices, primarily based on information from blockchain intelligence firm Glassnode. 

Benefiting from the demand, OKEx rapidly determined to launch its full suite of instruments for the asset. “We proceed to collaborate with individuals within the DeFi house to develop this trade collectively,” Jay Hao, CEO of OKEx, stated within the assertion. “CEX or DEX, CeFi or DeFi shouldn’t be a easy single-choice query,” he stated, referring to centralized or decentralized exchanges, in addition to centralized or decentralized finance. 

“The objective of blockchain and DeFi has by no means been to interchange CeFi, however to make use of its personal traits of trustlessness, low friction and low prices to make up for the deficiencies of the prevailing monetary system.” 

DeFi has ballooned in recent months, spiking the costs of random property, just like the preliminary coin providing growth in 2017. 

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