The Chinese blockchain startup Conflux Network has launched a new association, Open DeFi, aimed at uniting Eastern and Western DeFi markets to accelerate global sector growth.
We are excited to announce our newest initiative Open DeFi. 👏🏼#defi #china #blockchain https://t.co/Ky44lkZMs2
— Conflux Network Official (@Conflux_Network) September 2, 2020
This initiative will help “grow a broader decentralized ecosystem in Asia,” said the global managing director Iden Dalival. According to him, Open DeFi will act as an incubator for Chinese DeFi startups, “on the cusp of cross-border growth,” and also help traditional financial institutions integrate DeFi.
The Open DeFi project has been backed by the Chinese government through the Shanghai Committee for Science and Technology. Among participants are major Chinese DeFi protocol dForce, venture capital Sequoia Capital, Blockpower Capital, Antelope Holdings, DeBank and MCDEX startups.
Members of the alliance plan to direct their efforts into three main directions — risk management, new liquidity strategies, as well as incubation and innovation.
Open DeFi participants will guarantee the security of smart contracts and the reasonableness of their economic models.
Institutional investors and crypto exchanges will focus on new trading strategies.
The association also plans to develop new DeFi applications and attract new strategic partners.
Earlier, MakerDAO, Compound and dYdX joined the DeFi consortium under Huobi.
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