The decentralized finance (DeFi) craze has surged abruptly so far. The growing trend of DeFi shows that users are quickly interacting with the sector. As per Defi pulse data, the total value locked in the defi hit almost $11 billion thresholds on September 23.
Analyzing the growth of the DeFi sphere, some experts compare it with ICO, initial coin offering, bubble of 2017, while others consider both the two eras entirely different. DeFi craze isn’t slowing down soon, said Da Hongfei, founder of Neo, while attending a live conference on Sept. 25.
DeFi protocols are now presenting all varieties of financial services to its users by employing blockchain, smart contracts, and crypto-assets. Da told DeFi offered services merely in some years that conventional finance institutions took centuries to achieve. He continued that:
“Lending and borrowing, decentralized exchanges, insurance, and all kinds of derivatives are on the rise in DeFi. The initial stage DeFi infrastructure has a solid good start, and now it is time to see more and more applications to be built and innovated on DeFi.”
DeFi Going to Revolutionize the Future Finance
Da stresses that DeFi protocols are presenting unique opportunities in the financial sector, new digital assets empowers users to access cash with ease. According to Da, DeFi will have a notable influence on future financial life. He prophesies that bank usability will decrease in the future as people shift towards DeFi services. Da said:
“Chinese people have done this more or less, probably dealing with banks, dealing with Alipay and WeChat, at least doing this kind of financial behavior without going to the bank.”
During the live stream, Da and He Yi, co-founder of Binance, disclosed that both the firms, Neo and Binance, are actively exploring DeFi applications. Flamingo, protocol built on top of the Neo blockchain, belongs to such an application that permits users to join as stakers, liquidity providers, and traders. On September 23, Binance announced the rollout of Flamingo on its launch pool.