More and more exchanges will eventually integrate decentralized finance solutions. Binance was the first to do so with Kava not that long ago. Following this example, OKEx is now taking its platform to the next level.
Building a DeFi Lending Marketplace
It is interesting to see OKEx take this particular approach. Focusing on lending platforms will let users put their crypto holdings to work. Before doing so, they need to find the most competitive platform giving them the right bang for the buck. It appears that this information will be provided in the form of a “DeFi marketplace”.
More specifically, OKEx will gather all lending rates from centralized and decentralized lending service providers. These rates will be displayed on the dedicated DeFi page, allowing users to make the right decision. For now, a handful of different options are visible, but more will be added over time.
Being able to compare the different rates will show what these providers can offer. Do keep in mind that not all crypto assets are supported in DeFi right now. Bitcoin holders, for example, will not find a good platform to contribute to. Centralized lending providers remain the best bet in this regard, which is far from ideal.
Compound Integration Soon
Although Compound is already listed on the OKEx DeFi page, there will be a deeper integration soon. What this means exactly, is a bit unclear. Integrating Compound will be an interesting experiment for sure. At the same time, the platform is losing a bit of momentum due to all of the other solutions popping up lately.
— Jay Hao @OKEx (@JayHao8) August 29, 2020
Having the support of OKEx can certainly rekindle the popularity of Compound. It is still a viable platform to generate rewards, either directly or through solutions such as InstaDapp. If OKEx can bring more convenience to this solution, as well as other DeFi projects, things could get very interesting indeed.
Future DeFi Plans
This is only the first iteration of what OKEx aims to provide to its users. Further down the line, the platform will provide access to diversified DeFi products. All of these platforms can be accessed from the same interface. For now, it remains unclear which providers will be integrated exactly. Competition has been heating up in this segment over the past few months.
It also appears that OKEx will try to introduce a convenient system for exchange users. More specifically, there will be no further swapping between wallets to explore these financial products. An interesting approach, but one that will certainly pose big challenges. Properly integrating all of these platforms and protocols is a monumental task.
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