CME Group Teaming With CF Benchmarks for 3 New DeFi Rates and Indices

Pricing will initially come from a group of six crypto exchanges.

AccessTimeIconDec 1, 2022 at 5:01 p.m. UTC
Updated Dec 1, 2022 at 6:11 p.m. UTC
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Derivatives marketplace Chicago Mercantile Exchange (CME) and cryptocurrency index provider CF Benchmarks this month will introduce reference rates and real-time indices for aave (AAVE), curve (CRV) and aynthetix (SNX), the two said in Thursday.

The new rates will be calculated and published starting Dec. 19 and are currently not tradable futures products.

“These three new benchmarks, together with Uniswap launched earlier this year, will capture more than 40% of the total value locked in [decentralize finance] protocols on the Ethereum blockchain,” said CME Group’s head of cryptocurrency products, Giovanni Vicioso.

The launch comes as interest in decentralized finance (DeFi) and associated blockchain-based projects continues to grow and cryptocurrency traders are increasingly exploring DeFi protocols, Vicioso told CoinDesk, even as the industry recently took another hit with the collapse of crypto exchange FTX.

"We continue to take a cautious, careful approach to this market," Vicious said. "Exactly how it will develop is yet to be seen."

Initial pricing data will come from cryptocurrency exchanges Bitstamp, Coinbase, Gemini, itBit, Kraken and LMAX Digital, with each token trading on at least two of these platforms.

Despite a tough year for the industry, CME Group has continuously been expanding its crypto products. Most recently – ahead of the Ethereum Merge – the company in September began offering options trading on its already-existing ether (ETH) futures product.

CoinDesk is the owner of CoinDesk Indices, a competitor of CF Benchmarks.

Update (Dec. 1, 2022, 18:10 UTC): Adds comments from CME Group’s head of cryptocurrency products, Giovanni Vicioso.


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Helene Braun

Helene is a New York-based reporter covering Wall Street, the rise of the spot bitcoin ETFs and crypto exchanges. She is also the co-host of CoinDesk's Markets Daily show. Helene is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.

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