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Crypto Exchange FTX Launches Simple Way to Gain Exposure to Red-Hot DeFi Craze

August 26, 2020

Crypto derivatives exchange FTX is rolling out a new product that allows investors to gain exposure to red-hot decentralized finance (DeFi) assets.

In a new update, the top crypto exchange says it’s launching the Uniswap Index. The new asset tracks the performance of the top 100 cryptocurrencies on decentralized trading platform Uniswap.

FTX says the coins included in the new derivatives product are the most liquid DeFi assets on Uniswap. The crypto exchange also notes that stablecoins were not included in the Uniswap Index.

The popularity of Uniswap has hit fever pitch as trading volume and liquidity on the DeFi platform continues to experience astronomical growth. Liquidity on Uniswap has surged from $23.8 million in June to as high as $302.7 million in on August 24th, representing an increase of over 1,170%. Although the rise of DeFi assets has been meteoric in recent weeks, a number of traders including Crypto Messiah warn the market is a growing bubble that will one day burst.

FTX has also announced another big move in the last 24-hours.

The exchange confirms that it is acquiring Blockfolio in a $150 blockbuster deal in a bid to expand its retail foothold. The popular crypto portfolio tracking app has over six million users worldwide, and it supports more than 10,000 crypto assets and covers over 500 exchanges.

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Featured Image: Shutterstock/Tithi Luadthong