The Chicago DeFi Alliance announces the first round of incubator projects

The Chicago DeFi Alliance, launched in April, announced the selection of DeFi projects that will be included in the first round of the incubator. These are 0x, dYdX, Kyber Network, IDEX, opyn, Set Protocol and Synthetix.

The purpose of the Alliance is to provide entrepreneurs and start-ups in the DeFi space with “significant support and guidance on applicable transactions and regulations”.

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According to an announcement by CMT Digital, a founding member of the Alliance, the startups were chosen from over 100 applications. The selected projects are a mix of decentralized exchanges, asset managers and derivative platforms. In their announcement, CMT Digital said it appreciates that all projects selected for the initial round have the potential to serve as fundamentals of the DeFi ecosystem.

Chicago DeFi Alliance, a plus for the ecosystem

dYdX, Set Protocol and Synthetix are part of the DeFi ecosystem and are in the top 10 for the total value locked in guarantees. Synthetix is ​​in second place after Maker, according to deFi Pulse. Opyn, the newest project in the group, ranks number 20 on DeFi Pulse.

IDEX, 0x and Kyber Network are decentralized exchanges with daily volumes of approximately $ 1.38 million, $ 3.86 million and $ 4.14 million, respectively.

Some of the representatives of these start-ups participated in the Ethereal Summit 2020, where they discussed the impact and future of DeFi.

The concept of decentralized finance – What is it and what does it entail?

The Chicago DeFi alliance was launched on April 7 with the support of TD Ameritrade, Compound Finance, Jump Capital, Volt Capital and others. CMT Digital, a founding member of the alliance, was founded in 2014 and is a subsidiary of CMT Group, an international trading and investment firm. The company has previously invested in major crypto companies such as Bakkt, Lightning Labs, Coinbase, BlockFi, Silvergate Bank and many more.