Liechtenstein-based cryptocurrency exchange Bittrex announced the listing of eight decentralized finance (DeFi) tokens and that they will be traded with no fees.
According to a Nov. 17 announcement, Bittrex intends to list DeFi tokens from seven projects: Uma (UMA), Aave (AAVE), Balancer (BAL), Ren (REN and renBTC), Kyber Network (KNC), Band Protocol (BAND) and YF Link (YFL).
Bittrex Global CEO Tom Albright explained that this year “has seen huge growth in DeFi as an asset class and a number of significant milestones completed.” He believes that as the industry matures more institutional and professional investors will look at its fundamentals and consequently “we are likely to see increased demand and higher trading volumes for DeFi in 2021.”
In order to spur adoption and expose more of its huge pool of buyers to DeFi assets, Albright said the exchange is waiving the fees on the trading of those crypto assets until 2021. Albright added:
“We’re really excited about what we’re seeing in the space and want to see these DeFi projects grow and help them build stronger platforms through increased adoption.”
Bittrex’s move closely mirrors an announcement made at the end of August by its competitor OKEx. As Modern Consensus reported at the time, the exchange listed eight decentralized finance tokens in one single day at the height of the DeFi craze.
OKEx CEO Jay Hao told Modern Consensus at the time that he believes that DeFi will become a viable alternative to traditional finance. He also said:
“DeFi really has limitless potential depending on how well its participants overcome its vulnerabilities and aches and pains as it grows. There is always the possibility that this great blockchain experiment will fail. However, it is our strong belief that DeFi will continue to flourish and eventually grow up to be a viable alternative and supplement to the traditional financial system.”