Flex Yang, the former CEO and founder of Babel Finance, is leading the restructuring efforts of the now embattled crypto asset unicorn while introducing a new decentralized project called Hope. The project aims to blend centralized finance (CeFi), decentralized finance (DeFi) and traditional finance (TradFi) to offer transparency and security while providing easy access to users.
The Hope project has its namesake token, which will eventually be pegged close to the dollar as adoption grows. However, the token will initially use Bitcoin and Ether as reserves instead of cash and cash-equivalent assets, which may raise some eyebrows. Yang compares Hope to MakerDAO, the issuer behind the popular stablecoin Dai, but with “a series of added functionalities”.
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One of the protocols in the Hope ecosystem is HopeConnect, a DeFi settlement and clearance application that allows users to trade derivatives within major centralized exchanges (CEXs) without depositing assets on CeFi platforms. Yang told TechCrunch in an interview, “That means no CEX custody, no user credit risk, while bringing CEX trading experiences to DeFi. Users can access CEX liquidity in anonymous and decentralized ways”.
In explaining his motivation for creating Hope, Yang notes the recent downfall of centralized crypto services like FTX, Gemini and Babel Finance. He believes Hope’s unique blend of CeFi, DeFi and TradFi will offer a better solution for users looking for transparency, security and ease of access.