A digital economic revolution might be a little further off than we initially expected. The truth is, the Decentralized Finance industry hasn’t been doing too well, as of late. Is decentralized finance dead in the water? Or is the world simply not ready for a digital economic revolution just yet?
DeFi Is Broken
Peter Yang is the founder of Odyssey DAO, a community focused on educating people about Web3 and blockchain technology. Earlier this year, Yang admitted that DeFi is ‘broken for 99% of the population’. He criticized greed for tarnishing what DeFi was supposed to be.
How To Fix It
If Peter Yang is right in saying that DeFi is broken, how then do we fix it? Do we need new technology? New policies? Or something else entirely? Most experts point to the two milestones DeFi must hit in order to achieve mass market adoption.
In order to facilitate mass adoption, DeFi has to be easy to use. Right now, the average person doesn’t understand much of anything about blockchain technology and decentralized finance. How do we change that? How do we encourage the masses to learn about DeFi? Some experts say we need to start by improving the user experience surrounding DeFi. As more major players in tech enter the DeFi field, it shouldn’t be long before this milestone is achieved.
It seems like every month there’s a new story in the news about how millions dollars in cryptocurrency have been stolen, or some cryptocurrency exchange has suffered a data breach. DeFi was supposed to be completely impenetrable, but that hasn’t exactly been the case. In order for the masses to trust in DeFi, it first has to live up to the expectation that their digital assets will be secure.
The Future of Decentralized Finance
For years, we’ve pondered the possibility of a future without paper money. Will that future be achievable within our lifetimes? Maybe, we’ll just have to wait and see.