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The eToro trading platform is expanding the possibilities of investing in crypto assets, by adding 3 new tokens from the decentralized finance ecosystem (DeFi), such as Aave, COMP by Compound and YFI by Yearn Finance. In its idea of operating in new markets, the broker also added the MANA utility token of the Decentraland metaverse to its list.
With these additions, eToro raises its crypto asset offer to a total of 22 for the European market and 20 for the United States. Since May 24, “the 20 million users from all over the world who are registered on the platform can buy, hold and sell YFI, AAVE, COMP, MANA and YFI, using fiat currency,” as the company points out in a statement. Sent to the writing of CriptoNoticias.
The DeFi ecosystem offers products similar to traditional finance, but based on protocols focused on peer-to-peer operations, which eliminate intermediaries, especially banks .
In that sense, the Aave token, which is currently trading at USD 342, is native to the open source and non-custodial protocol to earn interest on deposits and asset loans. This platform launched in 2017, then evolved implementing a new concept in the field of loans. It did so through liquidity wells, where lenders deposit their cryptocurrencies and other users request loans, setting interest rates based on the offer and demand.
Similar to Aave, there is the decentralized Compound protocol, whose COMP token, which is traded in the order of USD 390, has experienced an annual return of more than 200%. Both protocols are among the top DeFi projects based on Ethereum, but they keep their distances.
While Aave supports more assets and offers a wider variety of services, Compound has its Gateway chain. With it, it will allow interoperability between blockchains to enable a loan market with native assets and guarantees between different blockchains.
The other DeFi token listed on eToro is YFI, which is listed in USD 43,340 and that has risen 110% so far this year. It is the native cryptoasset of the Yearn Finance protocol which posted a vigorous rise after its launch in July last year, as reported by CriptoNoticias at the time. This decentralized asset management platform has a suite of products ranging from liquidity aggregation, yield generation, loans and others based on Ethereum.
The MANA utility token was also added to the list of eToro. This cryptoasset currently priced at USD 0.84 is used natively in the Decentraland virtual world. There, users can buy and sell digital real estate, as well as pay for products and services.
In April , eToro also incorporated Uniswap (UNI) and Chainlink (LINK) tokens. As reported by this outlet at the time, eToro VP of Business Solutions Doron Rosenblum said that both assets have interesting use cases. Indeed, the Chainlink token is part of the ecosystem of the eponymous oracle company and the Uniswap token is used for the governance of the popular decentralized Ethereum exchange.
