DeFi Has To Break Through The Crypto Bubble, Binance Research Says
Binance said that DeFi movement is growing, and it seems that there’s still more to happen until it goes mainstream. DeFi stands for decentralized finance, and it’s a revolutionary issue in the financial space.
DeFi gains more and more popularity
In a new report, Binance Research tracks the way that DeFi gains steam among the crypto savvy.
Binance highlights early success stories about building decentralized systems for people in roder to boost the crypto to more users.
The firm brings up the crypto lending company Compound now has a user base of 21,424 customers. The US dollar value of collateral in its ecosystem expanded from $13.4 million at the start of 2019 to $86.3 million by the end of the year, a jump of 541%, according to the latest data coming from the Daily Hodl.
The researchers anticipate more growth.
“In our views, we expect DeFi to further garner interest from industry participants. However, use-cases have, so far, remained mostly confined within the existing crypto-community…” according to the report.
The same official data continues and reveals that “Once some technical and legal challenges are solved, we expect a meteoric growth in the decentralized financial industry, likely to attract individuals and capital beyond the scope of the existing crypto-industry.”
Binance says that Ethereum is the king of DeFi.
We recommend that you check out Binance’s complete report.
Binance continues its expansion
Speaking of Binance, the crypto exchange was recently in the spotlight when Changpeng Zhao said that one of the most important goals in 2020 is to offer people all over the world the ability to buy crypto using any fiat currency that they have access to.
Crypto managed to gain massive popularity in 2019 and mainstream adoption remains one of the most important goals for the crypto space.
“One of our key goals for 2020 is to bring crypto to the masses. For this, we aim to enable fiat-to-crypto trading for 180+ fiat currencies,” Zhao said.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.