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10 new members including Aave, Curve, and Synthetix join the Global DeFi alliance

Photo of: Sangeetha Golchha
by Sangeetha Golchha

Huobi DeFi lab launched a global DeFi alliance, set to establish universal protocol standards for the DeFi space, and also improve communications within the DeFi ecosystem. The formed alliance intends to conduct research on the emerging protocols in order to avoid any future crisis or mishap. The inaugural members of the alliance were MakerDAO (MKR), Compound (COM), Nest (NEST), and dYdX (dYdX). Huobi’s CEO Sharlyn Wu said: 

“We have to partner with the entire ecosystem. But we want to work with the best of projects out there and make sure our users have access to them.”

The alliance is also an attempt to pull back the pieces of the split crypto space and close the cultural divide between the East and the West. The finance consortium has welcomed 10 new members taking its membership to 15. The new members also are some of the heavyweights of the crypto space namely: Curve Finance, Aave, Synthetix, Balancer, Loopring, Zapper, Zerion, Bitpie, Mykey, and CoinGecko.

They join the founding members and are looking forward to exploring the cross-border collaboration chances and further promote the development of the DeFi ecosystem. Aave Founder Stani Kulechov believes that all the members of the alliance have contributed immensely and they are extremely excited to be a part of this alliance. On the new additions, Huobi CEO said 

“We appreciate all new members of the Global DeFi Alliance and look forward to cooperating with them in various fields from user education, practice sharing, protocol standardization, risk management to supporting the development of the global decentralized financial ecosystem.”

Prior to this Wu oversaw blockchain strategy and investment at China Merchant Bank international or CMBI. She believes that decentralization is the future of finance. She foresees that the traditional financial institutions will in the next 20 – 30 years transform into DeFi for sure:

“There’s no reason they shouldn’t go to DeFi because when you go to that system, you don’t need to take any credit risk. And you run in an automated manner without human intervention.”

Wu believes that in the short-term blockchain technology is not likely to have an impact on the US and China relations. However, she does believe that the future is nothing but borderless. With crypto and DeFi, Wu says that they are trying to build a new economy and a society prevalent on the cloud. 

“This society, this economy,  we can’t really think about things in terms of countries. And I know the physical world is broken. Things get more and more isolated. But from my work in the crypto space, I can feel that the crypto world is more integrated than ever. And I think that it will become stronger and stronger.”

As long as this alliance is concerned, it will host webinars and events so that awareness for DeFi has to be spread across and that can be begun by educating users and firms across the Asian region. Aave And Synthetix representatives also expressed their intention to align with the common goal. In the coming months, the DeFi alliance will allow admittance to more players alongside representatives from the world of Centralized finance.