Huobi’s research arm DeFi Labs has formed a consortium to develop decentralized finance (DeFi) projects with MakerDAO, Compound, Nest, and dYdX.
To recap, Huobi Group launched Huobi DeFi Labs incubator about two weeks ago. According to Huobi Chief Investment Officer Sharlyn Wu, the organization is an international consortium of centralized and decentralized financial service providers and platforms. Wu believes DeFi is the first attempt in human history to create a modernized financial system without credit risk. Such a system can unleash the potential of a free economy at the international level.
However, there are still many gaps in the DeFi sector that need to be filled. This requires theoretical research, technological development and ecosystem development. Wu added that there is a strong division between the Asian and Western communities in DeFi, so it makes sense to combine their efforts. The organizers of the consortium announced that in the next few months they will be ready to accept new members working in the field of centralized and decentralized finance into the alliance.
According to DeFiMarketCap, the total market capitalization of DeFi products surpassed $ 2 billion in June , suggesting that people are interested in alternative ways of obtaining loans without the involvement of banks and traditional financial institutions. According to DeFi Pulse, the total amount of blocked crypto assets in DeFi apps reached $ 3 billion last month , an increase of $ 1 billion in two weeks.