On 15th of August India’s Biggest Crypto Exchange WazirX has decided to launch its first DeFi(Decentralized Finance Product) project by partnering up with the Matic Network. The CEO of WazirX, Nischal Shetty, has shared with Cointelegraph that the development of their DeFi project is currently in progress, and they are looking to launch the testnet by the end of the September 2020.
WazirX DeFi will work on AMM protocol which basically will be a form of smart contract that will replace the order books currently being used in traditional crypto exchange markets. It will work using an algorithm where tokens will automatically be traded in a decentralized network.
Nischal Shetty goes on to explain why they chose Matic Network, by spotlighting the network’s high scalability and throughput than Ethereum. He also mentions WazirX will be partnering up with multiple liquidity providers, however, no specific names were called out.
As things currently stand, their new DeFi project will be launched separately from the WazirX exchange, but they plan to incorporate the two platforms in the future. It is indeed a huge step by India’s biggest Crypto exchange, WazirX, to develop and launch a new project amidst the crypto ban speculations revolving around in the country.