Friday, July 12, 2024
Blockchain

OKX Ventures Joins as Founding Member of SOFA.org to Enhance DeFi Ecosystem






OKX Ventures Becomes Founding Member of SOFA.org

OKX Ventures, the investment arm of the prominent crypto exchange and Web3 technology company OKX, has officially joined SOFA.org as a founding member, according to a recent announcement from OKX Ventures.

SOFA.org is an open-source, non-profit decentralized autonomous organization (DAO) devoted to building a decentralized finance (DeFi) ecosystem that supports atomic blockchain-based settlements of financial assets. This collaboration aims to establish a secure, industry-wide on-chain settlement framework, which is essential for the upcoming growth wave of real-world assets (RWA) tokenization.

The first protocol of SOFA.org, which launched its mainnet on June 7, offers a transparent, request-for-quote (RFQ)-driven marketplace for crypto structured products. This marketplace enables execution between depositors and market makers through ready-made decentralized applications (dApps) and standardized vaults. The protocol emphasizes security by eliminating counterparty risks through the use of smart contract vaults, which act as on-chain custodians. Users can earn additional yield from a diverse range of products with robust downside protection.

Enhancing the DeFi and CeFi Sectors

Vital instrument parameters are immutably stored on the protocol at the smart contract level, allowing the tokenization of authentic risk positions. These tokenized risk positions can be recognized by both DeFi and CeFi platforms, improving the efficiency of DeFi capital and benefiting both sectors.

The collaboration between OKX Ventures and SOFA.org is poised to support the development of a secure and efficient DeFi ecosystem, which is crucial for the future of financial asset settlements on the blockchain.

About OKX Ventures and SOFA.org

OKX Ventures focuses on exploring the best blockchain projects globally, supporting cutting-edge blockchain technology innovation, promoting the healthy development of the global blockchain industry, and investing in long-term structural value. By supporting entrepreneurs who contribute to the blockchain industry’s development, OKX Ventures helps build innovative companies and brings global resources and historical experience to blockchain projects.

SOFA.org is a decentralized, non-profit, and open-source DAO dedicated to developing a trustless DeFi ecosystem capable of atomically settling financial assets on the blockchain. The organization’s first protocol focuses on crypto structured products, enabling seamless execution between depositors and market makers through ready-made dApps and standardized vaults. Supported by leading DeFi builders and crypto platforms, SOFA.org aims to provide a secure and efficient marketplace for financial asset settlements.

For more information, visit the official announcement from OKX Ventures.

Image source: Shutterstock

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