India Wants DeFi

In a remarkable development last week, Tamil Nadu became the first State to release Tamil Nadu Blockchain Policy 2020 along with Tamil Nadu Cyber Security Policy 2020 and Tamil Nadu Safe and Ethical Artificial Intelligence Policy 2020. With this Tamil Nadu became the first State of India to make a policy for building and strengthening blockchain community and rethinking governance in terms of ongoing technological innovations.

Earlier this month we saw the successful launch of the first (AFAIK) yield farming project in DeFi space from one of the country's premier Exchange BitBNS. When most yield farming project collapsed after the initial volcanic farming phase, BNSD's innovative tokenomics and halving strategy made it possible to give an unprecedented yield for such a long time.

Very recently, DeFi protocol UniLend raised a $3.1M capital from various investors. UniLend is building a permissionless platform for decentralized spot trading, lending and borrowing for all ERC-20 tokens to make DeFi space inclusive. Cross-chain support for Binance Smart Chain, Monero etc. are also planned for later.

PlotX - a DeFi prediction market platform, which is dubbed as the Uniswap of Prediction Markets, has also raised $2.4M in seed round.

And to add to the list of DeFi projects, the day before RioDeFi launched its IDO on Uniswap ...IDO meaning "Initial DEX Offering" - yes, it's a thing! In a high profile fund raising campaign, RioDeFi project received the support of over a dozen VCs raising over $17M fund and over $65M in commitment. RioDeFi project is working for the mass adoption of blockchain based decentralized assets by building bridge between traditional and decentralized finance. Services like mobile payments, decentralized savings, lending, borrowing etc. falls in its ambit.

Thus despite the regulatory uncertainties from Indian Goverenment, entrepreneurs are trying their best to innovate and successfully launch projecs in DeFi space and the investors across the world have set their eyes on India. Let's see, whether it will be India who will become instrumental in starting the next bull run.