2019 has accelerated a global trend: dissatisfaction with centralized powers, especially when it comes to finances. The distrust of banks and financial institutions has led to the accelerated development of DeFi decentralized finance.
New DeFi projects are launched every week, from decentralized VPN providers to blockchain infrastructure projects or payment providers.
But the DeFi industry is still in its infancy. According to Alex Mashinsky, a veteran entrepreneur and CEO of the Ethereum Celsius lending platform, the problem is one of interface.
“We were so busy building the basic infrastructure and receiving support from crypto-enthusiasts that we forgot about the average consumer. We need to introduce DeFi among the main financial services. ”
To do this, DeFi projects must build ramps for consumers. These include better user interfaces, accessible products and services, and stable cryptocurrencies. All of this will make it easier for people who don’t know much about cryptocurrencies to access it.
DeFi projects can and should maintain multi-sig contracts, privacy, data protection, access to distributed blockchains and all other decentralized functions. But it should hide them under intuitive and easy-to-use interfaces, similar to mainstream platforms or online banking.
Decentralized finance – Eliminate the intermediary
In addition, an extension of DeFi services is required. Trading and arbitrage platforms are useful for traders and hedge funds, but the people who most need DeFi are not looking to actively trade crypto assets.
DeFi (Decentralized Finance) projects must return to the initial purpose of Bitcoin – to provide financial services without intermediaries. Ordinary people need services such as loans, interest, wealth management and secured loans. These will allow DeFi projects to expand their coverage worldwide.
In general, cryptocurrency volatility makes people untrustworthy, which means a bridge is needed. This can be represented by stable cryptocurrencies, which offer the benefits of fiat currencies in the digital system. In addition, they can be a bridge for assets such as Bitcoin and other cryptocurrencies.
Mashinsky points out that in order to become mainstream, DeFi services must be as user-friendly as Facebook and Google.
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