SaBi Exchange Becomes the First African Exchange to List Over 18 DeFi Projects as Locked Assets Surpass $9 Billion

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SaBi Exchange, a Nigerian-based crypto assets exchange, has become the first African exchange to list the largest number of DeFi (Decentralized Finance) tokens.

The exchange has already listed 18 projects making it the only exchange in Africa to do so.

This move means that crypto traders and enthusiasts in Africa can now trade these DeFi projects easily using local payment methods, which tend to be unavailable or difficult to access on international exchanges like CoinBase and Binance.

SEE ALSO[WATCH] Here are All the Panel Sessions from The DeFi Africa Conference 2020

In an exclusive with BitcoinKE, Lucky Uwakwe, CEO, SaBi Exchange, said:

“The concept of DeFi and yield farming is in it earliest phase. We, however, want to ensure Africans are not left out, that is if they understand the risk/reward.

With SaBi Exchange, even DeFi-related tokens like DAI, are now traded on SaBi Exchange. The Number one exchange in the world, Binance, still does not have DAI, which is needed for farming based on the recent trend of DeFi Yield Farming.

We have taken a bold step to make 18 DeFi related tokens available on 40+ market pairs, for easy adoption of this trend.”

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Below is a list of the tokens currently available on SaBi:

  • Compound (COMP) – A protocol on Ethereum that lets users earn interest or borrow assets against collateral
  • Aave (LEND) – An open source non-custodial protocol on Ethereum for decentralized lending and borrowing
  • Balancer (BAL) –  A non-custodial portfolio manager, liquidity provider, and price sensor allowing swapping between tokens on the Balancer ecosystem / pool Dapp
  • Polkadot (DOT) – A multi-chain framework platform designed to offer interoperability and scalability for blockchains built on Polkadot
  • Band Protocol (BAND) – A data management protocol that increases the level of data availability and reliability for Web3 blockchain technologies
  • MakerDAO (MKR) – A decentralized credit platform on Ethereum that supports Dai, a stablecoin whose value is pegged to USD allowing users generate Dai as debt against collateral
  • Just (JST) – A decentralized stablecoin project built on the TRON Network, providing open finance platform, allowing users generate USDJ stablecoin when they pledge TRX as collateral
  • Multi-Collateral Dai (DAI) – A token of the Maker Protocol, which includes the Dai Savings Rate (DSR) and additional collateral asset types
  • Curve (CRV) – A decentralized exchange liquidity pool on Ethereum designed for extremely efficient stablecoin trading allowing users to trade between stablecoins with low slippage, low fee algorithm designed specifically for stablecoins and earning fees
  • Aragon (ANT) – A cryptocurrency token generated on the Ethereum blockchain supporting the Aragon ecosystem of tools and services
  • Kusama (KSM) – A cryptocurrency token generated on the Polkadot [OLD] blockchain
  • Terra (LUNA) – A mining token that powers Terra’s DPoS blockchain
  • Synthetix (SNX) – A decentralized platform on Ethereum for the creation of Synths: on-chain synthetic assets that track the value of real-world assets allowing holders to lock in SNX and ETH as collateral to mint Synths
  • Tellor (TRB) – A decentralized oracle platform for DeFi and cryptocurrency token generated on the Ethereum blockchain
  • Wrapped NXM (WNXM) – This token allows for freely tradable NXM tokens outside of the Nexus Mutual platform, a decentralised alternative to insurance
  • Chromia (CHR) – A cryptocurrency token generated on the Ethereum blockchain which also acts as relational blockchain technology for mainstream dapps
  • Original Protocol (OGN) – A cryptocurrency token and platform generated on the Ethereum blockchain for building decentralized marketplaces
  • Ravencoin (RVN) – A P2P blockchain designed for transferring various user-issued tokenized assets minted through the mining process

Trading pairs available include:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Tether (USDT)

*NB: All the listed tokens have the above 3 trading pairs except for DAI which is only available using the DAI/BTC pair

The DeFi industry and ecosystem has been growing exponentially in 2020, with total value locked in the market hitting $9 billion by the end of August 2020.  Uniswap, the most widely-used decentralized exchange on Ethereum, surpassed major crypto exchange Coinbase in daily volume at the end of August 2020 as demand for DeFi explodes.

As opposed to traditional finance, DeFi envisions a brand-new monetary system built on top of public blockchains. These platforms connect borrowers and lenders directly eliminating credit checks and enabling digital assets to be collateralized.

This results in decentralized lending, a key benefit of DeFi.

The popularity of DeFi protocols is rising so rapidly that in just 3 months, since June 2020, the total value locked in DeFi protocols surged from $1 billion to over $8 billion. Decentralized exchanges like Uniswap typically become the launch pads for these tokens since they require no approval of central entities for listings.

Among the largest DeFi projects so far include:

  • Aave – $1.17 billion locked
  • MakerDAO – $1.43 billion locked
  • Balancer – $1.36 billion locked
  • Curve Finance – $1.26 billion locked
  • Yearn.Finance – $953.6 million
  • Synthetix – $871 million

With Ethereum being the foundation for almost all DeFi projects (top 10 DeFi projects are on Ethereum, and only 4 out of 40 DeFi projects are not on Ethereum), it is no surprise that Ethereum transactions have increased from around 435, 000 in January 2020 to over 1.1 million in August 2020.

Big exchanges, including Binance and FTX, are already on the run to list DeFi tokens. SaBi Exchange is doubt helping in building these rails by facilitating more Africans to join the space and participate in the DeFi ecosystem through the above listings.

With the Defi market and volumes indicating an upward trend and no signs of slowing down, the new listings will no doubt be a welcome sign for many DeFi enthusiasts on the African continent.

 

About SaBi

SaBi is a digital assets exchange, providing advanced financial service to global users. Founded in Nigeria, SaBi offers easy access to hundreds of tokens for users.

The exchange also offers OTC fiat trading and Exchange token trading pairs in one platform by adopting world class HuobiCloud technical support. SaBi aims to empower Africa, the hardly accessible area of the world, with blockchain technology in an efficient manner.

 

 

 

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