NASDAQ In Partnership With Exante Adds Decentralized Finance Index (DEFX) For DeFi Projects


A press release on Sept 10. Confirms the launch of DEFX index on NASDAQ. Here is the good, bad and ugly side of the latest crypto index launch.

London based Exante exchange partners with major US stock exchange, NASDAQ, to launch a fund index based on blockchain projects in the decentralized finance industry. The index, easily identifiable on the stock exchange with the ticker, DEFX, offers investors an opportunity to trade a basket of altcoins including MakerDAO, 0x, Augur, Gnosis, Amoveo and Numerai.

The Good: Access to NASDAQ and modern financial tools

Zack Hess, the CEO of proof of work blockchain Amoveo, showed excitement on the latest listing on the DEFX index. The index opens a gateway for investors to learn and understand about decentralized finance platforms, which provide financial tools such as exchanges, derivatives, lending platforms, and securitized digital assets. He also wished to see these platforms

“give everyone access to modern financial tools.”

The press release further states,

“Consumers will have the ability to invest in the index through a Defix fund, granting exposure to decentralized finance blockchain projects through a secure, financially accredited agency.”

The Bad and Ugly: A poorly Constructed Index?

While the launch of the DeFi index is something the cryptocurrency industry appreciates with NASDAQ’s support providing a huge marketplace for the index to thrive, there remain loopholes in the index. The bad side of this index is the almost random selection of the altcoins which do not relate to each other. Augur is a decentralized prediction marketplace, 0x allows cheap transfers of ETH tokens, Numerai is a gaming betting and stock prediction marketplace etc.

Furthermore, for a DeFi index based on ERC20 standard tokens, the omission of Ethereum (ETH) raises questions from the cryptocurrency community.

According to the PR, the DEFX ticker is used on NASDAQ’s platform and can also be viewed on Yahoo Finance, Google and TradingView using the same symbol.

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