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

“Not solely has OKEx added help for spot buying and selling of UNI, however it’s also offering its customers with probably the most complete vary of buying and selling merchandise for this sizzling DeFi token, together with margin, swap buying and selling, coin-margined perpetual swap and Financial savings, making OKEx the primary alternate to supply UNI derivatives,” OKEx detailed in a  Sept. 17 statement. 

Uniswap, a decentralized alternate, launched its personal Ethereum-based token, UNI, on Sept. 17, dispersing the asset to customers of the decentralized finance, or DeFi, platform through airdrop. In whole, Uniswap dished out 15% of its 1 billion token stockpile. 

The transfer prompted 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 via the roof. Inside a 60-minute time interval, folks collaboratively paid practically $1 million for transaction prices, based mostly on data from blockchain intelligence firm Glassnode. 

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

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

DeFi has ballooned in latest months, spiking the costs of random belongings, much like the preliminary coin providing, or ICO, growth in 2017.