Bittrex Global Lists 7 Top DeFi Tokens, Offers 0% Trading Fees
- Bittrex claimed that removing gas fees for DeFi trading will encourage more clients to enter their regulatory system and comply with the required standards.
- The company has plans to add 12 more tokens to this list until the end of 2020 .
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On November 16, cryptocurrency exchange Bittrex Global announced that it will be adding support for seven new DeFi tokens to its platform, namely UMA (UMA), Aave (AAVE), Balancer (BAL), REN (REN & renBTC), Kyber Network (KNC), YF Link (YFL), and Band Protocol (BAND).
The company stated that these changes come forward as a result of a 1,000% growth of the DeFi asset class over the course of this year. Currently, the exchange trades almost all of the top DeFi tokens on its platform free of trading fees, with plans to add twelve more before the end of 2020.
According to the announcement, the company decided to completely remove gas fees for DeFi token trading until the start of next year, in order to allow more investors to join the Blockchain Act’s digital asset regulatory system. All clients that want to utilize Bittrex’s services must comply with the KYC/AML/CFT standards required by the act.
Tom Albright, CEO of Bittrex Global, said that, as more institutional and professional investors realize the potential of the DeFi asset class, increased demand and higher trading volume are expected in 2021. He claimed that offering no trading fees on DeFi will effectively expose these projects to Bittrex’s millions of users.
- Decentralized finance (DeFi) has become one of the hottest trends in the crypto world as it’s more transparent and decentralized than traditional finance.
- Here are our top picks of DeFi projects that have a good potential growth, and some of the protocols that did not made the list, such as RING Financial.
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- The cryptocurrency exchange is estimated to have more than 100,000 creditors, and between $500 million and $1 billion in both assets and liabilities.
- The Chapter 11 filing came less than a month after the U.S. SEC filed charges against Bittrex and its former CEO, claiming they were operating an unregistered securities exchange.
- 2022 is on the verge of becoming the largest year for crypto crime ever, with close to $3 billion being stolen so far.
- The majority of the hackers focused on cross-chain bridges and decentralized finance apps.