The cryptocurrency exchange OKCoin will start listing three new tokens. These will be YFI of yearn.finance, COMP of Compound and DOT of Polkadot.
While OKCoin lists YFI, COMP and DOT, it also took 15 more DeFi tokens on its radar. The exchange supports USD pairings for these three tokens.
The OKCoin exchange announced today that it will begin listing three tokens that have recently risen in price: yearn.finance’s YFI, Compound’s COMP and Polkadot’s DOT as the three tokens to be listed.
The exchange supports US dollar pairings for customers in 150 countries, including the US (excluding the state of New York); however, Singapore, Brunei, Japan and European Union countries are excluded.
Coinbase claims to be the second exchange after Pro to support US dollar pairings for YFI.
“As long-term cryptocurrency advocates, we basically believe Defi has the potential to decentralize the financial system with full technology enhancements,” said Hong Fang OKCoin CEO.
Fang added: “What DeFi is trying to do now is to recreate an entirely new technology stack outside of the current banking system. This is the continuation of the theme of building “individual monetary sovereignty from scratch,” that’s what DeFi is doing right now. ”
YFI, COMP and DOT are governance tokens; This means that owners can use them to vote on the future of the decentralized lending protocols that print them. These tokens are also held for speculative purposes.
What Do These Tokens Do?
People can earn YFI and COMP using protocols; for example, borrowing or borrowing from the Compound earns you COMP.
COMP started a governance token frenzy when it started at $ 97 on June 16 and increased to $ 348 through June 21. Its current price is 155 dollars. YFI is out at the end of July. Its creator described it as worthless, but now the cost of a single YFI token is $ 36,057.
By the way, DOT is an outlier in the group. It powers Polkadot, an Ethereum competitor that focuses on interoperability, not decentralized finance.
OKCoin; It is considering listing 15 more DeFi tokens, including Curve (CRV), Chainlink (LINK) and Synthetix (SNX).
OKCoin claims to be a smart, regulator-friendly exchange that split from OKEx a few years ago. OKEx is known as a much larger exchange with a daily volume of $ 1.7 billion.
Both have ‘BB’ ratings on Crypto Compare, a site that ranks the legitimacy of cryptocurrency exchanges, but OKEx is in 19th place and OKCoin is in 16th. Only Gemini and Coinbase have the ‘AA’ rating. This is a small exchange, trading for just $ 19 million in the past 24 hours, but it’s growing. This year, it doubled its staff in San Francisco to 80.