Ethfinex To Rebrand as De-Fi

Ethfinex To Rebrand as De-Fi

Ethfinex has announced that it is set to close down its existing operations in order to rebrand itself under the title, De-fi.

The news was announced via a blog post where it described the plan as its “biggest milestone yet.” The aim of the rebrand is to move towards a more decentralised exchange platform. Feeling that the high speed, De-fi was now at a point where it would be able to compete with the more well-known centralised platforms. They believe that this new brand will “build the infrastructure that facilitates the transition to a new, open and decentralised financial world”.

Ethifnex has outlined three new features that will be introduced on the DeFi platform, which takes its name from the words ‘Defi’ and ‘Diversify’, that are said to both increase functionality and attract traders to their new-look platform.

These features are decentralised margins, introducing leverage via the bZx Fulcrum protocol allowing for three-click simple margin trading, decentralised lending, which will operate on the same protocol, and a new fee structure, which will reduce the cost of trading by offering competitive rates.

There have also been three future progressions revealed to be on the horizon too. Notably, a Nectar 2.0 model, an improvement on the existing Ethinex utility token Nectar (NEC), necDAO, a proposed large DAO with Nectar at its core and will decide future updates to NEC, and also a new fully mobile-optimised version of De-fi to facilitate trading on the go.

As such, it appears that the changes to Ethinex will not be just skin deep and it is a full revamp, as opposed to a mere rebrand. Potential users have the possibility to get a more detail insight into De-Fi if they attend a Berlin Blockchain Week event held by the firm on the 21st August. At this event, those involved will be there to discuss the upcoming project.

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