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Open DeFi Adds Aave, dYdx, Ocean to Western Arm of Global DeFi Initiative

Global alliance unites China-based blockchain leaders and DeFi startups to drive cross-border market growth, sustainability and innovation

Open DeFi is a global initiative that seeks to develop the decentralized financial ecosystem and advance the collaboration of DeFi projects across borders and blockchain networks has announced a second round of members joining the alliance: Aave, dYdX, Balancer, Outlier Ventures, Quantstamp, BlockScience, Ocean Protocol and SuperRare. Open DeFi connects Eastern and Western DeFi markets through a unique program focused on three tracks: risk management, liquidity strategies, and innovation.

Launched in September, original Open DeFi members include Conflux Network, Sequoia Capital, Blockpower Capital, Antelope Holdings, dForce, DeBank, MCDEX and MoonSwap with additional Chinese state support through the Shanghai Science and Technology Committee. Together, the initiative has established a goal to drive decentralized finance in both the burgeoning Chinese and broader global DeFi markets.

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Stani Kulechov, Founder and CEO of Aave added, “We’re really excited to be part of the Open DeFi Initiative and collaborate with the other members to drive more innovation. The future of finance is global, and part of the unique value DeFi brings is that it’s borderless. Open DeFi supports this ethos, and we are looking forward to exploring synergies across the globe to build financial tools and infrastructure for the future.”

David Gogel, Growth Lead at dYdX said, “We are excited to partner with Conflux Network and the Open DeFi initiative. dYdX is thrilled to provide insight into the liquidity landscape of decentralized finance and help curate innovation in the space with other partners. China plays an important role in the global DeFi ecosystem and remains a key market for our long term success. dYdX is already available in China and features a full Chinese translation of the native user interface. China has a massive user base that will bring liquidity, volume, and more innovation to global markets for greater growth potential.”

Strategic partners within the risk management track will ensure smart contract and economic security for DeFi services. Members within the liquidity track like AMMs, crypto exchanges, quant trading firms, institutional investors and existing DeFi networks will generate new pooling and trading strategies. Additionally, the facilitation of crypto-based financial engineering and co-creation of new DeFi offerings will steer strategic partners and members in the innovation track toward successful incubation, cross-border investment and global brand exposure.

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Richard Ma, CEO of Quantstamp said, “Quantstamp is joining Open DeFi because we are excited to collaborate with other experts in the industry to push DeFi forward. Through our security audits, we have secured over $5 billion USD of value for over 140 blockchain projects including yearn.finance, Curve, and Ethereum 2.0. These experiences provide us with unique insights into risk management and Open DeFi gives us the opportunity to share this knowledge with the community. Participating in the risk management track, we look forward to learning from our peers and working together to address some of the industry’s biggest challenges.”

“Open DeFi will expand the DeFi ecosystem by facilitating incubation and exploring new DeFi opportunities that will include unique digital assets like NFTs and Ocean Protocol’s data tokens. We’re excited to have Outlier Ventures, as Open DeFi’s first web3 accelerator partner, bring their vast experience and network to lead the innovation track. Equally, BlockScience brings industry leading economic engineering and governance expertise to help partners build optimal DeFi ecosystems,” said Eden Dhaliwal, Global Managing Director at Conflux Network.

“We’re excited to join this alliance of first class DeFi organizations. Ocean brings data as a new, multi-billion dollar asset class to the DeFi ecosystem. Ocean’s ERC20 datatokens wrap access to data, to reuse crypto wallets as data wallets, DEXes as data exchanges, data DAOs, and more. We look forward to working more closely with industry leaders to grow the DeFi ecosystem and bring more opportunity to more people.” said Trent McConaghy, Founder at Ocean Protocol

Open DeFi kicked off in early September, encouraging established Western DeFi networks to join and emerging China-based DeFi startups to participate. The initial focus of Open DeFi is to facilitate connections between partners and markets to find new DeFi opportunities that strengthen individual propositions and explore future possibilities of open innovation.

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