It has been revealed that the Solana creator addressed the most important application for crypto. Check out the latest reports about this below.
The most important app for crypto
Anatoly Yakovenko, the co-founder of Solana, has unveiled what he believes to be one of the most impactful innovations to emerge from the crypto industry.
In a recent interview with macro guru Raoul Pal, Yakovenko confidently stated that decentralized finance (DeFi) is unequivocally the best thing to come out of crypto.
“DeFi is the most important app for crypto. It is the biggest innovation I think that crypto brought to the world. It’s the one that’s the hardest for adoption because this is a software-eating part of finance that humans really, really do not want to give up control of.
They like being the middleman and earning a free percentage point off somebody else’s money. If software can do it for 10 times less than that, they don’t like to give that up.
But I think it’s inevitable. There’s just no way that within you know 20 years, whatever, 50 years, that all this stuff isn’t running in software with decentralized applications (DApps).”
Yakovenko believes that DeFi will have a significant impact on traditional finance giants like Goldman Sachs and BlackRock.
He states that if DeFi is a true disruption, it will compress their profits, which is what disruption brings.
Yakovenko also mentions that some of Solana’s DeFi-focused projects are now growing after initial struggles.
He explains that Solana was designed to be perfect for DeFi, with the idea that cheaper and faster finance is always better.
However, it has been a challenge to gain adoption, especially after the FTX exchange collapse.
He says the following:
“But there were really, really strong teams like Margin, like Solend, like Jito Labs, Pyth, Jupiter Aggregator… all these guys that just kept building through the bear market, through all the black swan events and are now like I think at that next stage of maturity to where they’re really hitting growth mode.”
