OKEx goes all in on Uniswap’s new token amid soaring DeFi fees

Crypto exchange OKEx added Uniswap’s new UNI token to the array of assets offered on its platform, in addition to trading products around the asset. 

“Not only has OKEx added support for spot trading of UNI, but it is also providing its users with the most comprehensive range of trading products for this hot DeFi token, including margin, swap trading, coin-margined perpetual swap and Savings, making OKEx the first exchange to offer UNI derivatives,” OKEx detailed in a  Sept. 17 statement. 

Uniswap, a decentralized exchange, launched its own Ethereum-based token, UNI, on Sept. 17, dispersing the asset to users of the decentralized finance, or DeFi, platform via airdrop. In total, Uniswap dished out 15% of its 1 billion token stockpile. 

The move caused a frenzy in the crypto space, as have many DeFi developments as of late. The volume of activity around the UNI airdrop has placed an ongoing strain on Ethereum’s blockchain, stalling transactions while punting gas prices through the roof. Inside a 60-minute time period, people collaboratively paid nearly $1 million for transaction costs, based on data from blockchain intelligence company Glassnode. 

Taking advantage of the demand, OKEx quickly decided to launch its full suite of tools for the asset. “We continue to collaborate with participants in the DeFi space to grow this industry together,” Jay Hao, CEO for OKEx said in the statement. “CEX or DEX, CeFi or DeFi is not a simple single-choice question,” he said, referring to centralized or decentralized exchanges, as well as centralized or decentralized finance. 

“The goal of blockchain and DeFi has never been to replace CeFi, but to use its own characteristics of trustlessness, low friction and low costs to make up for the deficiencies of the existing financial system.” 

DeFi has ballooned in recent months, spiking the prices of random assets, similar to the initial coin offering, or ICO, boom in 2017.