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OKEx Expands Extensive DeFi Offer, Listing DIA and Kleros PNK

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OKEx (www.okex.com), a world-leading cryptocurrency spot and derivatives exchange, has further amplified its offering of decentralized finance tokens by listing Decentralised Information Asset (DIA), an open-source platform for transparent, community-verified price oracles for DeFi applications, and Kleros (PNK), an open-source online platform for dispute resolution.

DIA spot trading against USDT went live at 12:00 pm UTC on Aug. 18, and DIA spot trading against ETH from 1:00 pm UTC on Aug. 18. DIA deposits opened at 11:00 am UTC on Aug. 18, and withdrawals became available starting from 11:00 am on Aug. 19. DIA value soared by as much as 60% when trading became available on the OKEx platform.

PNK spot trading against USDT became available at 8:00 am UTC on Aug. 19, and PNK spot trading against ETH at 9:00 am UTC on Aug. 19. PNK deposits opened up at 7:00 am on Aug. 19 and withdrawals will be available beginning at 9:00 am UTC on Aug. 21.

Growing the DeFi economy through collaboration

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Exponentially growing leading DeFi protocols like Maker, Compound, Aave and Synthetix requires oracles to deliver critical fundamental data, such as asset prices. These oracles are one of the essential building blocks for a DeFi ecosystem to function and grow, and they must meet the requirements of DeFi’s promise of transparency and independence.

Today, however, most DeFi products still lack a robust pricing-data solution and rely on nontransparent data sources, which creates substantial risks for investors because the methodologies of price processing by oracles are not clearly stated. As the DeFi economy grows, so does the need for accurate price oracles to circumvent attacks from malicious actors exploiting technological and methodological vulnerabilities.

DIA provides trusted price oracles for DeFi applications. Its open-source platform allows for transparent price oracles that are entirely community-verified. DIA leverages crypto-economic incentives and the invaluable judgment of the community to source, validate and deliver trusted financial data. As a Swiss-based nonprofit association, DIA strives to democratize financial data, with transparent data sources and methodologies that are publicly accessible to everyone — from DeFi platforms, traders and financial institutions, to information providers, regulators and financial authorities.

Kleros (PNK), on the other hand, is an open-source online platform for dispute resolution that uses blockchain and crowdsourcing to fairly adjudicate disputes. Development efforts are coordinated by Coopérative Kleros, a Société Coopérative d’Intérêt Collectif (SCIC) incorporated in France. As DeFi grows, so does the need for effective solutions for dispute resolution, and Kleros is currently solving disputes in matters including exchange-listing procedures. All of its research and code development are open-source and free for anyone to use.

“We’re very encouraged to see the giant strides being taken in the DeFi economy,” said OKEx CEO Jay Hao. “As a real alternative solution to traditional financial services grows up around us, offering people the chance to make significant returns on their investments, it is essential that the space grows sustainably and with accurate price data that is free from manipulation and effective dispute resolution mechanisms to protect users’ interests. To that end, we are pleased to be listing DIA and PNK in order to further support DeFi’s progress.”

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OKEx now lists a total of 19 DeFi tokens — and last week, it announced the creation of OKEx Oracle, its secure signed price feed that, like DIA, can be used by decentralized finance projects to gain access to reliable on-chain prices from a trustworthy source. Jay Hao added:

“With more than $6 billion of locked value in DeFi protocols, it’s clear that we are not going to see a retraction in DeFi any time soon. As banks offer their customers near-negative yields on savings and high interest rates on loans, DeFi provides an extremely attractive alternative. We’re thrilled to be leading the way alongside outstanding projects like these and are excited to see how far DeFi progresses in the future.”

Blockchain

Daily Crypto News: BlockchainReporter Empowers Crypto Enthusiasts and Traders with Critical Information to Make Informed Decisions

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Alpha Sigma Capital Research Releases May Report on ASC AI Index

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Blockchain

Blockchain Firm Squad Labs Raises $10 Million for Smart Wallet

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Squad Labs announced that its Series A funding round, led by Electric Capital with participation from RockawayX, Coinbase Ventures, L1D, Placeholder, and Mert Mumtaz, will propel the launch of its Fuse smart wallet. The company aims to establish Fuse as a premier solution for securing and compounding personal digital wealth amid the growing onchain economy.

According to the company’s news release on June 12, smart accounts and smart wallets are gaining traction across blockchains as they offer a more intuitive, secure, and programmable user experience. Fuse abstracts seed phrases and provides features like wallet recovery, 2FA capabilities, and enterprise-level security for personal custody, simplifying the choice of storing digital wealth on-chain.

In addition to securing funding, Squad Labs also announced the public testing launch of Fuse on iOS. This move is part of their strategy to expand accessibility and refine functionality ahead of a full market release.

Meanwhile, a recent report from PYMNTS Intelligence explores blockchain’s role in enhancing cross-border payments. It suggests that integrating blockchain can streamline payment processing, enable digital-to-fiat currency conversion, and introduce stablecoins for faster and cost-effective cross-border transactions. Business-friendly decentralized finance (DeFi) solutions further automate and secure transactions via smart contracts, reducing dependence on traditional payment systems and enhancing security and transparency.

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The report underscores the significance of educating businesses and end-users about the benefits of blockchain-based cross-border payments. It advocates for partnerships with FinTechs and proactive engagement with financial institutions to drive adoption and improve industry-wide support for blockchain technologies in payments.

Overall, Squad Labs’ funding round and Fuse’s development represent strategic advancements in blockchain technology aimed at enhancing digital wealth management and transforming cross-border payment landscapes.

Source: pymnts.com

The post Blockchain Firm Squad Labs Raises $10 Million for Smart Wallet appeared first on HIPTHER Alerts.

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