Young is always happy to bring its users new mission-oriented projects, that’s why from today many DeFi tokens will be supported on Young Platform Pro. Trading and custody are now available for these seven tokens, which are completely new to our ecosystem: Uniswap (UNI), Curve (CRV), Synthetix (SNX), Chainlink (LINK), Augur (REP), Gnosis (GNO) and Kyber (KNC).
We are firmly convinced that the greatest power of the blockchain lies in its decentralised nature. That is why DeFi, i.e. Decentralised Finance has all the resources to institutionalise the world of cryptocurrency, representing an increasingly powerful alternative to traditional banking services.
Uniswap is a decentralised exchange, known for facilitating automated DeFi token trading. UNI is the governance token of the network and is an ERC-20 token. As a governance token, it is used to make decisions and authorise transactions on the Uniswap network.
Curve is a decentralised exchange for stablecoins, governed by a DAO, i.e. a decentralised organisation. The native token of the Curve ecosystem is the Curve DAO token (CRV). Launched in January 2020, Curve experienced significant growth in the second half of 2020.
Synthetix is an Ethereum blockchain-based protocol that allows users to bet on various external assets by trading and issuing synthetic assets in a process known as “collateralisation”.
Each of these assets is an ERC-20 token that reflects the price of external assets such as, for example, the dollar price. These assets are created by staking the network token, the Synthetix Network Token (SNX).
Chainlink is a decentralised network that connects smart contracts with the outside world through “oracles”, external data providers. LINK, the token operating on the network based on the Ethereum blockchain, is the top DeFi token by market capitalisation. Chainlink is also available on Young Platform.
Augur is a betting platform based on the Ethereum blockchain which, through the use of its own token, the REP, allows you to create and participate in prediction markets. If the prediction made is correct you win REP, otherwise, you lose them.
Gnosis is a prediction market used to gather forecasts from experts and people around the world to help anticipate future events. Gnosis is based on two tokens: OWL and GNO. GNO is an ERC-20 token that is obtained as a reward for a correct prediction.
Kyber Network (KNC)
Kyber is the most widely used liquidity protocol in the DeFi world that can be integrated into any application to allow the exchange of tokens without the need for an intermediary. Kyber Network Crystals (KNC) is the ERC-20 utility token of the network. KNC owners can stake their tokens on KyberDAO and vote on various proposals concerning the development and operation of the network and receive a reward in ETH.