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Interview: CEO Jay Hao on OKEx DeFi Plans and COMP Token Listing

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OKEx is known for its constant innovation and introduction of new features. One of the latest developments is the listing of the Compound project’s COMP token which is also available for Spot trading, Margin Trading and Savings and Perpetual Swap Trading.

In a recent interview, CEO of OKEx Jay Hao explained how the Compound protocol is revolutionizing DeFi, and what it might mean to OKEx’s vision of ensuring access to financial services for all with the help of blockchain technology.

Q: OKEx has been adding new tokens at an accelerated pace, with the recent one being COMP. Can you tell us more about the selection criteria for listing new tokens on the platform?

A: OKEx has been following the growth of the DeFi space for a long time and listing tokens that we believe offer high-quality solutions and provide value and liquidity to our users, such as Maker DAO, and COMP. We conduct a full evaluation beforehand to assess a project’s user base and community, its potential, past performance, development activity, legal status, etc. Now that we have integrated FCAS onto our platform, our users can also benefit from checking the health of the crypto assets we list before making trading decisions. Due diligence is vital before investing.

Q: What made OKEx decide on listing Compound’s governance token COMP?

A: We’re excited about our COMP listing as our users had been asking for it and it’s definitely showing a lot of promise right now as the largest platform in the DeFi space. We believe that DeFi will continue to be a key area for the rest of 2020 and we always want our product offering to reflect what users want and that we’re keeping the pace with the best innovations in the space.

Q: The Compound protocol seems to be a forerunner in the DeFi space. Is OKEx planning to leverage it to enable DeFi for masses?

A: Although some people believe that centralized exchanges and DeFi are incompatible, we believe that there is definitely a place for both. We are happy to support Compound’s growth and list its governance token. OKEx already has a footprint of our own in the DeFi area which is continually expanding. We have OKChain which allows developers to build decentralized apps, we have OKEx DEX, and C2C trading and loaning. We believe that all the players in the space can help each other and collaborate to be better.

DeFi infrastructure is still not quite there yet and they need centralized exchanges to help them. DForce, for example, known as the Chinese version of COMP, was hacked in April and around USD $25 million of cryptocurrency was stolen by hackers, and the users’ assets on the platform were instantly reset to zero. DForce was able to block the hackers and restore the funds, thanks to the help of mainstream exchanges.

Q: How is OKEx going to achieve its vision to #FinanceAll?

A: We are constantly working toward that goal. We believe that one large way will be through DeFi products and services, such as our C2C trading feature, our collaborations with Paxful, the leading peer-to-peer Bitcoin market place which has over 300 payment methods available for people to buy BTC, and the launch of our P2P platform in India. These will provide an important fiat on-ramp for OKEx and allow users to enter the cryptocurrency ecosystem more easily and gain access to sophisticated trading tools, staking, and earning.

It will take some time, but we are already seeing the trend and the need for people who are underserviced by the traditional financial system to gain access to services that allow them to participate in their local economies. We are constantly innovating at OKEx and through collaboration and innovation, we will reach our goals. OKChain will also be a large enabler for wide-scale commercial dapps and DeFi products further enhancing adoption and we also fully support Ethereum’s transition to ETH 2.0 with OKPool. We believe all these things will lead the next wave of crypto adoption.

Q: What are the other projects that OKEx is planning to collaborate with to promote DeFi?

A: We will continue to list the tokens that show the most potential and collaborate with more partners on the Topaz network. We are also constantly expanding our network of strategic partners and will continue to do so to ensure that we are at the forefront of the space.

Q: Do you have any thoughts on the timeframe for the widespread adoption of DeFi across the world?

A: I believe that the pandemic will accelerate the move toward DeFi to a certain extent. Although, we have to remember not to run before we can walk. PoW blockchains simply are not fast enough to handle mass transactions and we expect ETH 2.0 to happen this year but that will also be a gradual rollout. There is still more education needed on the space in general, an improvement in technology, oracles, smart contracts, TPS, interoperability… I don’t have a crystal ball, but I wouldn’t expect to see widespread adoption probably for at least another five to 10 years.

It should be noted, as well, that just as I see a place for centralized exchanges, I also believe that DeFi can co-exist with the traditional financial system. I believe that it will force it to be better and remove many of its inefficiencies, but I don’t think that DeFi will overthrow the current system.

Q: On a slightly different topic, OKEx has updated its skewAnalytics dashboard with new charts. Are there any new feature additions to the dashboard we can expect in the coming days?

A: There are more charts and features to be added soon and we are putting together a guide that explains to traders how to interpret and analyze the charts so that they can make better trading decisions. We feel that, often, the charts are designed for pro traders but that actually if people understand how to interpret them, they can be useful for everyday traders as well.

Q: Please feel free to express any other thoughts you might have on OKEx, blockchain and DeFi.

OKEx firmly believes that we will help grow the space through collaboration. Oftentimes, projects, companies, tokens, ideas, are pitted against each other as a competition. But, in reality, we all want to reach the masses and onboard more people to crypto. Instead of fighting against each other, we should be helping to make the space a serious contender on the global stage. There is a place for CeFi, DeFi, public blockchains, permissioned blockchains, retail traders, institutions, we need all of that to truly reach our full potential and #FinanceAll.

Source: https://www.newsbtc.com/2020/07/10/jay-hao-on-okex-defi-plans-and-comp-token-listing/?utm_source=rss&utm_medium=rss&utm_campaign=jay-hao-on-okex-defi-plans-and-comp-token-listing

Blockchain

Ethereum DeFi’s Ampleforth (AMPL) Drops 20% Despite “Whale” Accumulation

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  • Ampleforth (AMPL) has been one of the top-performing cryptocurrencies over the past month. The asset, whose long-term price performance is measured by its market capitalization rather than its nominal price, gained ~5,000% in July.
  • The asset has seen a steep correction over the past week as the focus of crypto investors has been on Bitcoin and Ethereum.
  • After a recovery, AMPL is dropping once again.
  • This drop comes in spite of positive on-chain and social media signs, according to blockchain analytics firm Santiment.

Ampleforth Drops 20% Despite On-Chain Data Indicating Accumulation

According to TradingView data, Ampleforth (AMPL) has dropped 20% in the past 24 hours as it has also been impacted by the flash crash in Bitcoin.

Ampleforth is an algorithmic stable coin that attempts to stabilize its price on the U.S. dollar in the long term. It responds to supply and demand by daily “rebasements,” which means that long-term holders of the token will have their balance change each day to try and center the price around a dollar. This latest price drop may be a byproduct of Bitcoin’s flash crash, coupled with an increase in the supply of AMPL.

Chart of Ampleforth's price action over the past few days from TradingView.com. Depicted is the price action of the Ethereum-based coin on FTX.
Price action may differ from exchange-to-exchange due to inefficiencies in this new(er) market and price action on futures vs. the actual coin.

This price drop in the price of AMPL comes in spite of positive on-chain and social trends, according to Santiment.

The blockchain analytics firm shared the chart below on July 31st. It shows that the weighted social media sentiment of messages regarding Ampleforth has hit a level above 3; a social media sentiment at such a positive reading suggests an extreme number of bulls as opposed to bears.

Image

Santiment added that per their data, “whales are accumulating” AMPL. Though, seeing the recent price action, it isn’t clear if they are having a big enough effect on the Ethereum-based token’s market.

How AMPL Succeeding Could Boost Ethereum

The recent price action has neither confirmed nor denied Ampleforth’s long-term goals to be a unique form of money. Thus, analysts have commented on what long-term effect this experiment could have Ethereum and the broader cryptocurrency space.

Ryan Sean Adams, the founder of Mythos Capital, says that he thinks Ampleforth succeeding will be “unbelievably bullish for” ETH.

This is because Amples becoming widely adopted as money will drive record demand for Ethereum transactions, forcing up the price of ETH. Ampleforth’s success will also trigger other innovations in money and other facets of society on the network, further driving demand for ETH.

“BCH, ZEC, XMR, BTC, ETH, DOGE, AMPL. Base monies. M0s all competing w/ each other. AMPL is the only one w/o its own chain. It settles on Ethereum. If the AmpleForth experiment is successful, we’ll see a rush of M0 monies competing on Ethereum.”

Adams notably did not comment on whether or not he thinks Ampleforth will succeed or fail as a project. He did, though, call it an “experiment.”

Featured Image from Shutterstock
Price tags: ethusd, ethbtc, amplusd
Charts from TradingView.com
Ethereum DeFi's Ampleforth (AMPL) Drops 20% Despite "Whale" Accumulation

Source: https://bitcoinist.com/ethereum-defis-ampleforth-ampl-drops-20/?utm_source=rss&utm_medium=rss&utm_campaign=ethereum-defis-ampleforth-ampl-drops-20

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Blockchain

Ethereum’s Compound (COMP) Slides to Multi-Month Low Despite DeFi Explosion

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  • While Bitcoin and Ethereum have seen notable bounces since imploding on Saturday evening, Compound and other altcoins are underperforming.
  • The Ethereum-based coin is down 7.5% in the past 24 hours as per data from Coin Market Cap.
  • This comes in spite of the fact that decentralized finance (DeFi), which Compound is a market leader in, has seen strong adoption.
  • Altcoins could see further losses against Bitcoin and the dollar if the market leaders continue to undergo bouts of volatility.

Compound Slides Lower In Spite of DeFi Strength

The Ethereum-based Compound (COMP) was the hottest token of June. But much has changed in the past five weeks.

In the past 24 hours, the Ethereum-based altcoin has dropped by just around 7% against the U.S. dollar. Unlike Ethereum and Bitcoin, it failed to recover a majority of the losses it incurred during Saturday night’s flash crash.

With this latest drop, COMP is near multi-month lows not seen since the launch of the asset in the middle of June. At the current price of $128, the asset is also down by approximately 70% from its all-time high price set in late June.

Chart of Compound's price action over the past few days from TradingView.com

This drop comes in spite of the fact that Compound, which the COMP coin is critical to, is the second-largest DeFi protocol and continues to gain traction. In fact, data from DeFiPulse suggests that there is around $767 million worth of cryptocurrency locked in the protocol.

Analysts expect the Ethereum-based coin to decline further as time goes on, unfortunately for its holders.

One trader explained that because the “fundamentals of [Compound’s] ‘governance’, given the public information, don’t make too much sense today,” a drop under $100 is likely:

“I’m short on $COMP, the fundamentals of the ‘governance’, given the public information, don’t make too much sense today. Won’t be surprised to see it fall below $100 unless a revenue model is proposed soon.”

His sentiment boiled down to the fact that companies that accomplish what Compound does are valued far below the market capitalization of COMP.

Altcoins Are Unlikely to Benefit if Bitcoin and Ethereum Undergo Further Volatility

Further volatility in the price of Bitcoin could further suppress altcoins, including Compound.

Nik Patel, the author of “An Altcoin Trader’s Handbook,” recently said on the outlook for altcoins in the current environment:

“Wouldn’t surprise me to see dominance now rise until BTC all-time highs (pending a confirmed Weekly breakout above $10,600) > break $20k and alts find another bottom (like Nov/Dec 2016) > they rally concurrently like March-June 2017.”

One trader, though, said that Bitcoin and Ethereum are likely to consolidate after Saturday’s flash crash. This could trigger rallies in altcoins as money flows from these large caps to smaller players.

Featured Image from Shutterstock
Price tags: ethusd, ethbtc, compusd, compbtc
Charts from TradingView.com
Ethereum's Compound (COMP) Slides to Multi-Month Low Despite DeFi Explosion

Source: https://bitcoinist.com/ethereums-compound-comp-slides-multi-month-low/?utm_source=rss&utm_medium=rss&utm_campaign=ethereums-compound-comp-slides-multi-month-low

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Why Analysts Expect Ethereum to See Further Downside Following Intense Selloff

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  • Ethereum witnessed some intense overnight volatility that caused its price to slide as low as $300
  • This intense selling pressure came about in tandem with that witnessed by Bitcoin – which caused its price to slide down to lows of $11,000
  • Analysts are now noting that ETH may be positioned to see further downside due to the strength of this movement
  • Although it has found some support and stability within the mid-$300 region, weakness against its BTC trading pair may also drag it lower

Ethereum and the entire cryptocurrency market is currently trying to stabilize following the unprecedented volatility witnessed overnight.

This came about after Bitcoin rallied to highs of $12,000 while ETH reached highs of $415.

From here, the market’s strength began degrading, with BTC ultimately reeling as low as $11,000 while Ethereum plunged to $300.

Both of these assets have since recovered slightly, but they still remain in a precarious position.

While looking towards Ethereum, one analyst is now noting that he is expecting ETH to see further near-term downside in the days and weeks ahead.

That being said, he still believes that the crypto’s macro strength makes it so that “dips are for buying.”

Ethereum Plunges as Low as $300 Overnight as Selling Pressure Ramps Up

At the time of writing, Ethereum is trading down just under 6% at its current price of $365.

This is a far cry from where it was trading at during the crux of the overnight movement when bears sent it as low as $300 on some platforms.

The drop to this level was incredibly fleeting, and it only traded here for a mere moment before being propelled back up to the mid-$300 region, where it is now consolidating.

While looking at Ethereum’s Bitcoin trading pair, one analyst explained that he is expecting it to see a continuation of this downtrend.

“ETHBTC: Channel fakeout? Gray zone is where I would like to reload up on ETH. I’m being patient – may take a few months – may not happen – that’s fine by me,” he said.

Ethereum

Image Courtesy of TraderXO. Chart via TradingView.

As seen on the chart he offers, the ETH/BTC price he is looking to accumulate at exists around 0.026. It is currently trading at 0.033.

Analyst: BTC Likely to See Further Downside, But Macro Uptrend Remains Strong 

Another analyst explained in a recent tweet that he now believes that Ethereum could pull back a bit further against USD before finding meaningful support.

“ETH / USD: Price perfectly tapped our previous highs of $315 overnight and was pretty much instantly bought back, over a 12% wick, bulls seem to be buying back up dips… LTF seems like we could pullback a little more, with some continuation to the downside, dips for buying.”

Image Courtesy of Cactus. Chart via TradingView.

As seen in the above chart, the lower-$300 region has been a historically important level for Ethereum, and the overnight dip here further confirms this.

Featured image from Unsplash.
Charts from TradingView.

Source: https://bitcoinist.com/why-analysts-expect-ethereum-to-see-further-downside-following-intense-selloff/?utm_source=rss&utm_medium=rss&utm_campaign=why-analysts-expect-ethereum-to-see-further-downside-following-intense-selloff

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