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23 June 2021

Sights set on mainstream adoption: Is another DeFi summer on the way?

Sights set on mainstream adoption: Is another DeFi summer on the way?

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Over the last year, decentralized finance has been the hottest topic of discussion in the crypto world, pushing the entire industry to new heights, developing innovative applications for the technology, and making financial services more accessible. .

Though 2020 was a fine year for DeFi by the numbers, the true extent of the chaos that ensued last summer is known only to people who were there to see it.

Amid collapsing national economies, a global pandemic and Bitcoin wrestling to push past the $10,000 mark, DeFi certainly made history last year — but will history repeat itself?

The biggest competitor to the decentralized finance industry is the very financial ecosystem that is in place today.

DeFi could potentially cater to millions, if not billions, of users, yet today, fewer than 350,000 wallets interact with Ethereum daily.

The Substrate-based Polkadot platform has enabled decentralized applications to interact with applications on other distributed networks and continues to attract projects with its significantly more accessible development ecosystem.

DeFi isn’t going to become a fully regulated space overnight, and perhaps it never will be since it may take effort on an industrial scale to create, update and maintain a robust regulatory framework for decentralized finance, but with a $70-billion market at stake, there’s a lot of incentive to do so.

Since $300 billion is less than a sixth of the current total cryptocurrency market capitalization, it could be argued that DeFi is certainly more important to blockchain than that fraction.

With major players like Nexus Mutual and CDx making moves in the DeFi insurance space, tech giants Facebook and PayPal entering the realm of blockchain, and expert developers continually producing groundbreaking applications, growth on a similar scale to last year isn’t entirely out of the question.

That being said, decentralized finance has accomplished so much in the space of just a few years, and as long as this pace of innovation continues, there could well be another DeFi summer as projects may start to capitalize on all the hard work done over the past year.

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