The wave of Decentralized Finance (DeFi) or Open Finance movement has been on the increase since its emergence, standing as a dwarf on the shoulder of the giant cryptocurrency to offer brighter promises.
The latest news that Coinbase doled $1.1 million in USDC into two DeFi projects on Ethereum was greeted with amusement for the crypto community in general, and here comes the launch of a new DeFi project by EOS.
As related in a report today, EOS Nation, in partnership with on-chain liquidity protocol Bancor, launched a new DeFi platform christened xNation.
xNation aims to let users create and fund a liquidity pool that gives funds back to users. Users get back a proportion of the pool generated fee in relation to the amount of liquidity that was funded.
While addressing the development, the CEO of EOS Nation, Yves La Rose, said he’s excited about the new addition to EOS network, adding that this will bring EOS more investment opportunities, trade volume and liquidity.
“Further increasing liquidity between platforms for these projects,” Rose said.
As another DeFi option on EOS, xNation gives users more flexibility.
Coinbase Invests $1.1 Million in Uniswap and PoolTogether DeFi Projects
Through the USDC Bootstrap Fund, Coinbase has invested a whopping sum of $1.1 million worth of USDC in two renowned Ethereum DeFi platforms, Uniswap and PoolTogether.
“To encourage growth in USDC and DeFi, Coinbase launched the USDC Bootstrap Fund last September with $2MM of initial funding,” Coinbase said in statement.
A sum of $1 million was invested in Uniswap while the remaining $100,000 was contributed to PoolTogether.
“With USDC, we hope to provide critical infrastructure that will enable DeFi to grow and increasingly compete with existing financial products,” Coinbase added.
Uniswap is an Ethereum-based automated market maker platform that makes the launching of liquid exchange for any token easy. PoolTogether is also an Ethereum-based project. It claims to be a “lossless lottery” that lets users deposit DAI and USDC into their various pools.