B3 and the company QR Capital launched this Tuesday (8) the first ETF (exchange-traded fund, or index fund) 100% invested in Defi (decentralized finance protocol), the QDFI11. The fund is backed by the Bloomberg Galaxy Defi Index.
The ETF is available to the general public and has a management fee of 0.9% per annum. In its debut, the QDFI11 started trading at R$10.
For Fernando Carvalho, CEO of QR Capital, the launch of the fund is an important step towards the maturation of the crypto asset market. He says that the approval of a new product that offers regulated and protected exposure to new types of crypto assets “is yet another message to the traditional economy market”.
“Bitcoin and ethereum ETFs were just the entrance to a much richer and more diverse investment universe. Now it’s QDFI11’s turn. Increasingly, investors will gain access to innovative and disruptive products with the backing of regulators.”
The Bloomberg Galaxy DeFi Index has nine decentralized finance protocols: Uniswap, Aave Decentralized Lending Pools, MakerDao, Compound, Yearn.finance, SushiSwap, 0X, Synthetix and Curve.
“With the emergence of blockchain, a universe of possibilities opened up due to the decentralization of information. Decentralized finance is the realization of this concept in the financial market”, explains Carvalho.
“These are financial services – like loans and insurance – built on blockchain, self-verifying by their users, eliminating the need for intermediaries.”
Traditional financial services are necessarily centralized by an institution that guarantees trust between the parties.
“Thus, the innovation of decentralized finance is that, through a blockchain and smart contracts, intermediaries can trade directly, without the need for a bank, monetary authority or any moderator”, says the CEO.
According to QR Capital, in 2021, the total amount invested in DeFi in the world grew about 11 times; in November, there were already about US$ 200 billion dedicated to decentralized finance protocols.
It is estimated that the value traded on decentralized exchanges around the world is approximately US$ 800 billion.
Another asset on the market
The launch of the second decentralized finance ETF on the Brazilian stock exchange, DEFI11, is scheduled for February 17th. The company responsible for the index fund is Hashdex.
The ETF – which emerged from a partnership with CF Benchmarks, a cryptoasset index tester – will mirror the “CF DeFiModified Composite Index (an index that seeks to represent the sector encompassing assets according to eligibility criteria)”, says Marcelo Sampaio, president from Hashdex.
DEFI11 should initially have 12 assets, divided into three categories. The DeFi protocol will have the shares of Unisawap, AAVE, Compound, Maker, Yearn, Curve, Synthetix and AMP.
The category of support protocols, aimed at storing and querying data, includes Polygon, Chainling and The Graph. And the platform for registration, blockchain where transactions are validated and registered, will have ethereum.
XP states that the risk of investing in ETFs is due to the cryptocurrency market being “volatile and unpredictable, including the fact that they have very sensitive prices to the news and little trading history, making a fundamentalist assessment of these assets difficult.”
*With information from João Pedro Malar, from CNN Brasil Business
Source: CNN Brasil
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