Eight more projects jump on board Open DeFi

October 27, 2020
By Sam Grant

The global DeFi alliance launched a western arm as eight new top projects commit to the consortium

The alliance, backed by a Shanghai science and technology institution, welcomed new members in eight of the western world’s top DeFi projects. The Open DeFi Alliance will now have a reach that spans from East to West following the latest onboarding. The alliance has only been around for a short while having been 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 20 of the largest DeFi protocols in terms of locked cap.

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 pull together trendsetters in the decentralized finance space. The alliance focuses on building a universal cooperative consortium targeting key areas like liquidity strategies, risk management and innovation.

Stani Kulechov, CEO at Aave, expressed his admiration for the alliance and lauded its efforts in promoting the borderless ethos of DeFi. Kulechov added that he was delighted to work alongside other members towards realizing the objectives of the alliance.

David Gogel from DyDx asserted that joining the alliance afforded the firm with a chance to join forces and work jointly 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 massive user base that will bring liquidity, volume, and more innovation to global markets for greater growth potential,” he explained.

A couple more alliances have been formed in the DeFi sector this year with the most notable ones being Chicago DeFi Alliance and Ren Alliance. The latter was founded jointly by Ren and Polychain Capital back in March. The Chicago DeFi alliance is a collective effort of Cumberland DRW and TD Ameritrade and was launched in April. Huobi exchange also announced a DeFi organization in August intending to unify the East and West.