The CEO of Binance, Changpeng Zhao made a new prediciton about the state of DeFi. Check out what he had to say below.
New DeFi prediction is out
The chief executive of Binance just dropped a new prediction saying that decentralized finance (DeFi) and decentralized exchange platforms (DEXes) will outshine their centralized counterparts in the long term.
In a new interview on the Bankless YouTube channel, Binance CEO Changpeng Zhao highlighted that in 10 years, decentralized blockchain projects will tower above centralized finance (CeFi) and centralized exchanges (CEXes).
“I think in five or 10 years, decentralized exchanges will be bigger than centralized exchanges… I would say maximum, in 10 years, DEXes [and] DeFi are going to be bigger than CeFi.”
He also made sure to explain the fact that even though he believes centralized crypto protocols will eventually be outdone by decentralized ones, he still believes in a future where they can co-exist.
He believes this as many people will still prefer the conventional methods of accessing their accounts.
“I think it would take a long time for the centralized exchanges to go to zero, but I think it will take five [or] 10 years [before] DeFi is going to be bigger than centralized ones, but the centralized ones will continue to play a role for many decades to come.”
He continued and said the following:
“I think because there are still many people who are much more comfortable using an email and password. If you ask my parents’ generation, they would much prefer [email and password] instead of using a USB stick to do encrypted backups of their private keys in a distributed manner…”
We suggest that you check out the complete data about the issue in the latest article posted by the online publication the Daily Hodl. Stay tuned for more news and make sure to check out the crypto market as well.