Image default
Crypto

CME Group Teaming With CF Benchmarks for 3 New DeFi Rates and Indices

Facebook iconLinkedin iconTwitter iconThe CME Group logo (Shutterstock)

The CME Group logo (Shutterstock)

Facebook iconLinkedin iconTwitter icon

Derivatives marketplace Chicago Mercantile Exchange (CME) and cryptocurrency index provider CF Benchmarks this month will introduce reference rates and real-time indices for aave (AAVE), curve (CRV) and aynthetix (SNX), the two said in Thursday.

The new rates will be calculated and published starting Dec. 19 and are currently not tradable futures products.

“These three new benchmarks, together with Uniswap launched earlier this year, will capture more than 40% of the total value locked in [decentralize finance] protocols on the Ethereum blockchain,” said CME Group’s head of cryptocurrency products, Giovanni Vicioso.

The launch comes as interest in decentralized finance (DeFi) and associated blockchain-based projects continues to grow and cryptocurrency traders are increasingly exploring DeFi protocols, Vicioso told CoinDesk, even as the industry recently took another hit with the collapse of crypto exchange FTX.

“We continue to take a cautious, careful approach to this market,” Vicious said. “Exactly how it will develop is yet to be seen.”

Initial pricing data will come from cryptocurrency exchanges Bitstamp, Coinbase, Gemini, itBit, Kraken and LMAX Digital, with each token trading on at least two of these platforms.

Despite a tough year for the industry, CME Group has continuously been expanding its crypto products. Most recently – ahead of the Ethereum Merge – the company in September began offering options trading on its already-existing ether (ETH) futures product.

CoinDesk is the owner of CoinDesk Indices, a competitor of CF Benchmarks.

Update (Dec. 1, 2022, 18:10 UTC): Adds comments from CME Group’s head of cryptocurrency products, Giovanni Vicioso.

Trending1CDCROP: Man with his head down on his laptop facing the Agony of Defeat (Getty Images)MarketsFirst Mover Asia: Cryptos' Short Win Streak Ends as Investors Remain CautiousDec 2, 20222(Michael M. Santiago/Getty Images, modified by CoinDesk)The Breakdown, With NLWWill Sam’s Frenetic Media Tour Save Him or Damn Him?Dec 2, 20223CFTC Chair Rostin Behnam speaks at DC Fintech Week (Nikhilesh De/CoinDesk)MarketsCrypto Markets Today: CFTC Chair Proposes Pause to Overhaul Digital Commodities Consumer Protection BillDec 1, 20224CFTC Commissioner Kristin N. Johnson and Conrad Bahlke, Counsel at Willkie Farr & Gallagher LL at Crypto Connection 2022 (Amitoj Singh/Coindesk)PolicyUS CFTC Commissioner Cites Latest Crypto Sanction in Call for New RulesDec 1, 2022

Source coindesk.com

Related posts

First Mover Asia: Crypto’s ‘Learn-on-the-Fly’ Ethos on Display as Bridge Hack Damage Reaches $2B

Blake Goodwin

DEX Contango Pushes Retro Alternative to Perps With ‘Expirable Futures’

Blake Goodwin

Vitalik Buterin Discusses Ethereum’s Upcoming ‘Merge’ and ‘Surge’ at EthCC in Paris

Blake Goodwin

Leave a Comment