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OKEx launches NFT marketplace and DeFi hub

OKEx, the world’s second-largest crypto derivatives exchange by trading volume, is amplifying its decentralized finance (DeFi) efforts by launching its DeFi Hub, along with a non-fungible token (NFT) marketplace.

Fast facts

  • OKEx has launched DeFi Hub, a platform that offers users the ability to view and manage decentralized assets across major blockchain networks and DeFi protocols, the company said in a statement released Thursday.
  • Meanwhile, as the NFT wave continues to catch on, OKEx has launched an NFT marketplace that allows users to mint, sell and trade NFTs.
  • The two new platforms are designed to supplement each other. “The creation of DeFi Hub signals the company’s commitment to protecting the interests of creators by giving them lasting incentives in the subsequent sales of their work,” the company said in the statement.
  • The crypto exchange’s move to expand further into NFT and DeFi reflects their growing popularity. The total value locked (TVL) in all DeFi protocols is surging. According to data from DeFi Llama, TVL reached an all-time high of $171.95 billion today, indicating positive sentiment for the growing ecosystem.
  • Data from DappRadar show that over the past 30 days, about 2.34 million transactions have been made using OpenSea’s smart contracts, representing an increase of 210% in transactions above the previous 30-day period.
  • OKEx has faced regulatory woes in Ontario and China. Last month, the Ontario Securities Commission (OSC) was seeking to bring an enforcement action against Aux Cayes Fintech Co. Ltd., which operates the OKEx platform, for allegedly violating Ontario securities law, according to a statement.
  • In China, OKEx has been blocked by the country’s most popular internet search engines — such as Baidu and Sogo — and social media platforms including Twitter-like Weibo and Quora-like Zhihu.

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