Why Top Crypto Exchange Phemex Chose To List DeFi Tokens
Phemex, a top cryptocurrency trading platform offering both spot markets and derivatives, has always focused on quality over quantity. Especially when it comes to the instruments listed on the platform. For much of its existence, Phemex only supported the most well-known cryptocurrencies like Bitcoin, Ethereum, XRP, and Litecoin.
Over time, the asset list grew with some of the oldest assets (such as gold) being added, as demand from investors rose in 2020. And capping off what has been an incredible year for crypto, Phemex has listed 7 new select tokens to its crypto coin list: ADA/USD, ALGO/USD, COMP/USD, DOT/USD, LEND/USD, YFI/USD, and BCH/USD. All pairs are linear perpetual contracts quoted and settled in USD offering up to 20x leverage. Here’s why the platform added the ultra-hot, trending tokens and why this stamp of approval is a significant nod for the new cryptocurrency sub-sector.
2020: Bitcoin Breaks ATH, Altcoins Soar, DeFi Blossoms
2020 started off with the pandemic and a massive Black Thursday selloff. But Bitcoin and the rest of the cryptocurrency market have recovered and have done exceptionally well since.
The asset class beat all other investments, and what really changed the tides for Bitcoin and altcoins in 2020 was the emergence of decentralized finance, also known as DeFi.
Tokens in the category, most built on Ethereum smart contracts, soared in value, interest, and usage, unlike the last crypto bubble. Real-world adoption is happening in the DeFi space, causing these assets to leapfrog other altcoins with much more longevity in the market.
Chainlink, for example, raced past Litecoin in rankings. The DeFi token earned an award as a tech pioneer. It’s clear that DeFi has real worth and isn’t just speculation that prompted the sentiment shift in crypto years ago.
Why Phemex Chose To Add DeFi Tokens To List Of Quality Coins
Because Phemex has always stood for quality that’s second to none, they have long been picky about the tokens that they list on their platform and which markets they expose their loyal users to.
For the longest time, only the most trusted crypto-assets like Bitcoin, Ethereum, and even assets trusted for centuries like gold were available. But given the outstanding performance, interest, and potential in DeFi, Phemex chose to list several new tokens recently.
Included in the list of crypto derivatives contracts for DeFi tokens is Uniswap, Yearn.Finance, and Compound – several of the hottest DeFi tokens trading anywhere in the space.
Phemex added the tokens to respond to the undeniable growth and trend in the tokens. The focus is also on becoming a one-stop-shop in spot and derivatives trading and providing the most trading options in CeFi and DeFi found anywhere.
And because Phemex has only included the best of the best, users can rest assured that the platform’s reputation for maintaining high-quality standards for coins will continue for the long haul.
Why The Listing Of DeFi Tokens On Phemex Is Notable
As for why this is important, consider an analogy between cryptocurrencies and a major wholesale retailer like Costco. At a superstore like that, it is a challenge to maintain quality with so many SKUs. As more SKUs are added, quality control goes out the window in favor of quantity. At Phemex, only the strongest crypto assets with real potential are ever considered.
Take Uniswap or Yearn.Finance, for example. Both tokens come in tow with an entire ecosystem built around them. As that ecosystem advances, the value of the underlying tokens will blossom. These assets are even speculated to outperform Bitcoin in the future, making their recent addition on Phemex all that more notable.
Phemex traders or those considering the platform can now trade these quality DeFi tokens via derivatives contracts. To Learn more about these crypto-assets, follow the crypto market closely on Phemex.
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OhNoCryptocurrency via https://www.ohnocrypto.com/ @Bitcoinist, @Khareem Sudlow