Cryptocurrency news

Altcoin Accelerated Listed on Giant Bitcoin Exchange Won!

Altcoin Accelerated Listed on Giant Bitcoin Exchange Won!

Synthetix’s SNX token, a derivative liquidity protocol for the trading of synthetic assets, is listed on OKEx. Spot trading with BTC and USDT parities, as well as SNX token deposits, began on July 24, and token withdrawals were activated on the same date.Synthetix Network Token (SNX) has been on the rise after being listed on the giant Bitcoin exchange and is trading at $ 3.23 with an increase of 8.43% at the time of writing, according to CoinMarketCap data.

Synthetix protocol launched in 2018; cryptocurrencies, stocks, forex, precious metals etc. It enables the trading of real-world financial instruments such as synthetic assets through blockchain . The tokens associated with each synthetic asset track the price of external assets to enable these transactions. Users at Synthetix can also send and receive these assets via smartphones like any currency.By expanding SNX support on its platform, OKEx believes that it has made an important contribution to realizing its vision of becoming the primary factor in the field of DeFi (decentralized finance). Synthetix, the value of which is estimated to be 456 million dollars for the locked position in the Ethereum is one of the largest defense applications. Existing Synths in Synthetix include crypto, fiat, commodities, and reverse indices.

OKEx CEO Jay Hao made the following statements about listing: “OKEx believes that DeFi has the greatest potential in the cryptocurrency space. We are glad to see many high quality DeFi applications in 2020, such as Synthetic; We have been taking care of and supporting the development of DeFi for a long time. We are also expanding our effectiveness in this area with our C2C Loan, which provides passive income for our users, and OKChain, which will be used to support a developing DeFi infrastructure. ”Recently, OKEx announced the local token in OKChain’s C2C Loan product for OKB. Users can now deposit OCD with BTC and ETH as collateral to obtain flexible, low-interest loans.

Listing is a positive move for altcoin

Adding SNX to OKEx also benefits Synthetix as a reputable DeFi solution, because tokens from original projects that are only real world applications are listed by platforms. “In addition to taking into account the eligibility of the project, the team behind it, and other traditional viewpoints when listing any new altcoins, Hao said; The benefits of the project and user expectations are also important. “SNX provides all these conditions and OKEx is happy to support popular projects like this one,” he said.

The DeFi industry has attracted great interest from investors and traders in both crypto and traditional markets. The token of many DeFi projects has recently recorded high gains as they continue to develop new features and continue to innovate. Cooperation between DeFi and traditional CeFi (central finance) projects also contributed to the overall growth of the industry.

Jay Hao, who looks positively in the DeFi area, said: “OKEx believes that the DeFi area has just begun. In the future, DeFi will greatly meet people’s demand for financial services and will be an excellent supporter to the traditional system, creating more innovative products.

Continuous listing of new DeFi projects and related products made OKEx a leader in the developing field.

Samuel Hegi

Samuel Hegi , who first became acquainted with blockchain technology in 2014, is highly critical of blockchain technology. Samuel Hegi, a journalism graduate from the University of Brighton he is the editor-in-chief of the news portal. Blockchain is love.

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