OKX Ventures Announced As Founding Member of SOFA.org, an Open-Source and Non-Profit DAO

OKX‘s investment arm, OKX Ventures, announced that it has become a founding member of SOFA.org, an open-source and non-profit decentralized autonomous organization (DAO) focused on developing a DeFi ecosystem that facilitates atomic, blockchain-based settlements of financial assets.

Through its collaboration with SOFA.org, they seek “to support the development of a secure, industry-wide on-chain settlement framework.”

This is a critical component for the upcoming growth wave “of real-world assets (RWA) tokenization.”

With its first protocol’s mainnet launched “on June 7, SOFA.org aims to offer a transparent, request-for-quote (RFQ)-driven marketplace for crypto structured products, enabling execution between depositors and market makers through ready-made dApps and standardized vaults.”

The protocol ensures maximum security “as it eliminates counterparty risks by transferring assets to smart contract vaults, which act as on-chain custodians.”

Users stand to gain additional yield “from a diverse range of products with robust downside protection.”

In addition, vital instrument parameters “are immutably stored on the protocol at the smart contract level, enabling tokenization of authentic risk positions that can be recognized by both DeFi and CeFi platforms.”

This tokenization of risk positions “improves the efficiency of DeFi capital, and benefits both DeFi and CeFi sectors.”

In another recent update, it was noted that Web3 can help build the McLaren Racing-OKX Community.

OKX explained in a blog post that their partnership with McLaren Racing has taken them around the world this season – from the Middle East to Asia Pacific to Miami and Monaco.

Wherever they can, they’ve taken the opportunity “to engage with race fans.”

But they couldn’t help but wonder how they could collaborate “more deeply with McLaren to ‘go exponential’ as we interact with fans and merge our communities.”

Although tens of thousands of spectators come to each race, there are “still tens of millions of people who are following the spectacle on TV, social media and race recaps online.”

OKX says that they knew there had to be “a way to engage them and bring them closer to the visceral, intense and emotional on-track experience from afar.”

Web3 is the new surface.

With digital collectibles (NFTs) offered through their advanced wallet, they can “put parts of the race experience on the blockchain in photo, video and audio formats.”

The rumble of the gear shift, the sounds of wheel-to-wheel racing and the “chatter of the pit wall is what we want to bring to life.”

The result is ‘Race Rewind,’ a campaign that “expands the utility crypto can offer by offering fans a digital artifact that can also unlock exclusive prizes.”

For more details on this update, check here.

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