OKEx Adds Aragon and Aave: What Are These DeFi Projects About?
OKEx recently added new decentralized finance tokens into the exchange, and many crypto enthusiasts can’t get enough of it. We are going to look at what Aragon and Aave stand for, and why OKEx listed them.
What’s special about OKEx?
OKEx is one of the largest cryptocurrency exchanges in the world, in terms of volume. This means that it has high liquidity in most of its trading pairs. As of writing these words, a daily volume of more than $1 Bn USD to be exact.
Moreover, OKEx is known for having low trading fees — ranges from 0.03% to 0.15%. This is considerably cheaper than most other crypto exchanges.
It is also one of the few exchanges that support a fully independent stand-alone desktop platform. This makes it easier to trade on a low to medium end hardware, which might have limited memory. Additionally, OKEx also supports multiple monitors, which makes it easier to expand the charts view and other important valuable information and data.
Aave (LEND) was added to the OKExchange recently, permitting users to trade with LEND. This is a DeFi project that has come to revolutionize the money market system. This is a lending platform that permits users to easily borrow or lend a myriad of cryptocurrencies, while offering varying interest rates.
Aave is loved because of its numerous features like Flash Loan, rate switching, uncollateralized loans, as well as different collateral types.
The native token of this ecosystem is LEND and users of this crypto can have access to discounts when they use this token. The ecosystem uses Nexus Mutual to offer liquidity to the platform and take care of smart contract risks. When it comes to the DeFi lending market this year, Aave seems to be taking a large slice.
1. Flash Loans
Aave offered flash loans to users, and this is one feature that users can’t get enough of because it needs zero collateral.
It defies the traditional lending system where collateral was used to guarantee repayment. With the Flash Loans, the guarantee is the timing of the loan’s repayment.
If the loan issued is utilized, then paid back as at when due in the same block, it is seen as approved. If the other scenario happens, the transaction is termed as failed.
2. Flexible Interest Rates
Unlike many lending platforms that force a fixed interest rate or variable interest rate on users, this platform comes with a rate-switching function.
This permits people to move from fixed interest rates to variable interest rates or vice versa. This feature permits users to have access to highly competitive interest rates.
3. Unique Collateral Feature
Apart from taking out loans using the usual DeFi tokens such as USDC, DAI and ETH, Aave has a new perk up its sleeves. It is common for many lending platforms to do the above, but Aave wants to stand out. This is why it has decided to allow users to borrow fee-collecting tokens such as TokenSets and Uniswap LP tokens. This feature will soon be unveiled, and we are sure that it will blow the minds of a lot of users. What this means is that users will be allowed to take out a loan using a position where they can earn from. This means that they don’t have to worry about the opportunity cost that would have happened, traditionally, when they had to use the usual crypto lending protocol.
This is another decentralized finance project token that has been listed by OKExchange.
Aragon is a DeFi platform that permits its users to create decentralized organizations and manage them using smart contracts. The smart contracts will state what the privileges and rights of different stakeholders in the organizations are.
The native token of the ecosystem is ANT, which allows users to enjoy the benefits and services in this platform.
It is not news that traditional organizations spend millions to billions of dollars annually to ensure they function effectively. This had led to wastage of funds, numerous paperwork, and other inefficiencies. This is what Aragon changes.
This platform is designed to permit entrepreneurs and creators to form a decentralized organization, which is hosted on a blockchain infrastructure.
With the tools on Aragon, these organizations created can effectively manage their functions by using Ethereum-based smart contracts and file-sharing for building a fully decentralized, peer-to-peer operating system.
Apart from that, this platform allows users to also create non-decentralized digital businesses too. With this platform, all the disadvantages and limitations that are common with traditional organizations are settled.
Start Trading: https://www.okex.com/join/1915924
OKEx news and idea sharing. We encourage and welcome any customer's feedback and suggestions.OKEx English Official…