When it comes to innovation, the United States always leaps, however, China seems not to let anyone at the forefront when it comes to taking the opportunities from the decentralized finance.
DeFi the New Normal in China
DeFi is getting started in China which is letting users start their own projects as well.
In the recent update, China is heading towards DeFi products at a very rapid pace comparing to other nations. So much so that, the latest sell-off in the crypto market due to BTC and ETH price plunge is not affecting the growing demand for crypto adoption including DeFi, and yield farming in the nation.
Local Cryptocurrency exchanges are getting disturbed by the Chinese demand for the innovation led by Ethereum’s decentralized finance protocols (DApps). At the latest, crypto investors are taking the opportunity and buying bottoms via exchanges and then doing yield farming after transferring the funds to decentralized exchanges (DEXs) for better interest rates.
Chinese social media giant WeChat search trend is also displaying a speedy interest in the DeFi. On Sep 2, the search volume of DeFi on WeChat has also pointed a sudden spike, almost reached 1 million unique searches comparing last year’s highest which was seen around 500,000. A twitter post flaunting.
Further, Colin Wu, a Chinese reporter tweeted on the situations of local crypto exchanges and said that the platforms are also gearing up and not letting any innovation to beat them.
As a defensive measure against decentralized exchanges and not letting any user migrate their funds on DEXs, the local exchanges have started to come up with new decentralized products and features.
The crypto exchanges are all set to list innumerable DeFi coins and allowing users to game in the secondary market to gamble briskly on yield farming using the existing platforms.
Further, Wu indicated that Chinese crypto exchanges have started to face liquidity issues and have initiated measures to suspend withdrawal services. The event has ignited citizens’ sentiments to come up with a “coin withdrawal campaign.” The campaign is urging to withdraw all USDT and Crypto tokens and delete their accounts from the exchanges.
As of press time, the data on DeFi Pulse shows that “Uniswap” which was on 9th ranking on Aug 29 has surpassed all the outperformers and possessed #1 ranking with 19.44% dominance out of total $8.07B amount locked in the DeFi space as per.
The rest of the DeFi protocols are not less than anyone with Aave, Maker, Curve Finance, yearn.finance holding strong positions with $1.36B, $1.28B, $997.8M, $769.8M, respectively.