One of the first ever decentralized finance (defi) stock traded product (ETP) is launching this Wednesday.
The 21Shares DeFi 10 Infrastructure ETP (DEFII) will be listed on the BX Swiss Exchange following regulatory approval.
It’s the first ETP in Europe based on a defi index, 21Shares claims, with Ophelia Snyder, Co-founder and President of 21Shares, stating:
“Our financial system is at the beginning of a paradigm shift. A plethora of new blockchain-based applications around DeFi and Web3 are already under development and making enormous progress. They are the components of a completely new, democratic and inclusive financial system.”
Defii is based on a custom index by a startup focusing on crypto indexes called Vinter. “It tracks a combination of the price performance of decentralized DeFi applications (“dApps”) and Layer 1 blockchains,” they say. “Each comprises 50 percent of the overall index.”
It’s unclear just what dapp is included exactly or what percentage of the index it compromises. Trustnodes has reached out for clarification and will update once confirmed.
VanEck also recently launched the Smart Contract Leaders ETN (VSMA GY) on Deutsche Börse’s Xetra.
This tracks the MVIS CryptoCompare Smart Contract Leaders VWAP Close Index, which has only cryptos like eth or tron.
21Share’s ETP will have some actual dapps instead, marking this the beginning of a maturation process for the defi space.