The Open DeFi Alliance has announced the launch of a western arm and onboarding of eight new member firms.
It has been reported that the alliance seeks to unite leaders of the DeFi sector by forming a global cooperative consortium focused on innovation, risk management, and liquidity strategies.
However, new members include decentralized finance notables Aave, Balancer, BlockScience, DyDx, Ocean Ventures, Outlier Ventures, Quantstamp, and SuperRare, with the organization now spanning 16 firms in total. It now includes four of the 20-largest DeFi protocols by locked capital.
Stani Kulechov, the founder and CEO of Aave, said that the alliance’s support for the borderless ethos of DeFi by noting that he is “excited” to collaboratively build “financial tools and infrastructure” as part of the alliance.
Likewise, David Gogel, the Growth Lead at dYdX, emphasized the opportunity afforded by greater collaboration with China.
“China plays an important role in the global DeFi ecosystem and remains a key market for our long-term success. […] China has a massive user base that will bring liquidity, volume, and more innovation to global markets for greater growth potential.”
It has been analyzed that the consortium’s original members included Sequoia Capital, Blockpower Capital, dForce, MCDEX, Antelope Holdings, DeBank, and MoonSwap and founder Conflux Network, with support also provided by the Shanghai Science and Technology Committee.
Thus, 2020 has seen a spate of DeFi consortiums founded, with Ren and Polychain Capital launching the Ren Alliance in March, and TD Ameritrade and Cumberland DRW revealing the Chicago DeFi Alliance in April.