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The global DeFi alliance expands with eight new additions

Cryptocurrency

The global DeFi alliance launched a Western arm with eight major new projects committed to the consortium

The alliance, supported by a Shanghai science and technology institution, welcomed new members to eight of the major DeFi projects in the western world. The Open DeFi Alliance will now have a reach that extends from east to west, following the latest news. The alliance has been in existence for a short time, it was established last month, but it seems to be on the right track.

The eight new members are Balancer, Aave, BlockScience, SuperRare, Ocean Ventures, DyDx, Quantstamp and Outlier Ventures. These latest additions mean that the alliance now has four members that are among the 20 largest DeFi protocols in terms of blocked capital.

The pre-existing members of the consortium are Antelope Holdings, Conflux Network, Blockpower Capital, MoonSwap, dForce, DeBank, Sequoia Capital and MCDEX.

The Open DeFi Alliance was founded to bring together opinion leaders in the decentralized financial space. The alliance focuses on building a universal cooperative consortium targeting key areas such as liquidity strategies, risk management and innovation.

Stani Kulechov, CEO of Aave, expressed his admiration for the alliance and praised his efforts to promote DeFi’s borderless ethos. Kulechov added that he is delighted to be working alongside other members to achieve the alliance’s goals.

David Gogel of DyDx said that joining the alliance gave the company a chance to join forces and work together with China.

China plays an important role in the global DeFi ecosystem and remains a key market for our long-term success… China has a huge user base that will bring liquidity, volume and more innovation to global markets for greater growth potential”, He explained.

A few more alliances were formed in the DeFi sector this year, with the most notable being the Chicago DeFi Alliance and Ren Alliance. The latter was jointly founded by Ren and Polychain Capital in March. The Chicago DeFi alliance is a collective effort by Cumberland DRW and TD Ameritrade and was launched in April. Huobi exchange also announced a DeFi organization in August with the intention of unifying East and West.

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