OKX Strengthens Commitment to DeFi, Listing 8 More Promising Tokens in One Day
OKX Is First Exchange to Offer a Full Suite of Trading Products for Uniswap’s UNI
Malta, Sept. 17, 2020 — OKX (www.okex.com), a world-leading cryptocurrency spot and derivatives exchange, has announced the listing of UNI, the governance token of popular DeFi protocol Uniswap. Not only has OKX added support for spot trading of UNI, but it is also providing its users with the most comprehensive range of trading products for this hot DeFi token, including margin, swap trading, coin-margined perpetual swap and Savings, making OKX the first exchange to offer UNI derivatives.
Deposits of UNI went live at 2:00 am UTC on Sept. 17, and withdrawals were available beginning at 8:30 am UTC on Sept. 17. UNI spot trading against USDT began at 2:30 am UTC on Sept. 17, while trading pairs against ETH and BTC were made available at 3:30 am UTC on Sept. 17.
The coin-margined perpetual swap for UNI was listed at 11:00 am UTC on Sept. 17, 2020. In order to avoid unreasonable charges when the new contract launches and the premium is unstable, the upper limit of the funding rate before 8:00 am UTC on Sept. 18 has been reduced to 0.03%.
To celebrate the listing of UNI, and being the first exchange in the world to offer UNI derivatives, OKX will offer zero transaction fees in UNIUSD perpetual trading, for both the taker and maker.
“We are very pleased to be one of the earliest exchanges to list UNI, and the first to provide a complete set of trading tools including margin, swaps and savings for it. As one of the largest decentralized exchanges today, Uniswap has made outstanding contributions to the current development of DeFi, which we very much appreciate,” commented OKX CEO Jay Hao, adding:
“We continue to collaborate with participants in the DeFi space to grow this industry together. CEX or DEX, CeFi or DeFi is not a simple single-choice question. The goal of blockchain and DeFi has never been to replace CeFi, but to use its own characteristics of trustlessness, low friction and low costs to make up for the deficiencies of the existing financial system.”
As a decentralized exchange in the form of two smart contracts hosted on the Ethereum blockchain, as well as a public, open-source front-end client, to a certain extent, Uniswap has marked the starting point of a recent DeFi trend. Uniswap is a 100% on-chain market maker allowing the swapping of ERC-20 tokens, as well as ETH to ERC-20 and vice-versa. Today, Uniswap is not just a DEX, but a platform where emerging DeFi projects can often earn their initial reputation.
Yet, DeFi is not without its limitations, and the advantages of top CEXs in terms of efficiency and operational capabilities also attract a large number of DeFi tokens. In addition, the customer service system established by investing a lot of manpower and material resources have made great contributions to industry popularity, user education and onboarding.
In a nutshell, CeFi and DeFi complement each other. The best way to push the blockchain and crypto industry forward is to combine these two powers and play to both their respective advantages.
A world-leading cryptocurrency spot and derivatives exchange, OKX offers the most diverse marketplace where global crypto traders, miners and institutional investors come to manage crypto assets, enhance investment opportunities and hedge risks. We provide spot and derivatives trading — including futures, perpetual swap and options — of major cryptocurrencies, offering investors flexibility in formulating their strategies to maximize gains and mitigate risks.
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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.