Ever since the birth of crypto the financial world as we know it has been on the verge of extinction, and the last nail in the coffin might be the mass adoption of DeFi.
DeFi as a concept has been around for a while. As soon as the technology matured DeFi was on the minds of everyone. Especially after the launch of Ethereum and Smart Contract capabilities. The field has grown a lot since 2013, and currently is growing at a pace that will make it a force in the financial world in a few years.
DeFI and World Domination?
DeFi’s concept has been really simple: to take away the power from the hands of few powerful men in finance, and create a better system. The system is not the best, we are currently living in a financial world controlled by few people. This is evident from the GameStop saga that happened this year.
At some point things really do need to get better in order for the financial system to make sense in any way. DeFi is the only way through which a robust financial system can be made. It can integrate the financially oppressed segment of the society. Create a system that is fair and impartial.
Development of DeFi
Currently DeFi is not nearly close to the stage that is needed for it to be a dominating force. However, the growth DeFi is showing is unprecedented. The development of DeFi is happening in an accelerated fashion.
Currently, Decentralized Exchanges and lending platforms are setting their foot in the field. With passing time more DeFi applications will also find their foothold, we are looking at a complete overhaul of the financial system. There’s more than $60 billion locked in DeFi right now and the number is expected to grow by a lot.
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