Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
All-In on DeFi: Why the Days of Centralized Exchanges Are Numbered
coindesk | Changpeng Zhao | Oct 29, 2020
DeFi, or decentralized finance, finally found its footing this year, with numerous DeFi tokens and protocols gaining widespread traction amongst crypto users. Powered by smart contract technology, innovations like yield farming have allowed everyday users to earn unprecedented interest on their crypto assets.
DeFi is booming, and today the market is filled with all kinds of borrowing and lending protocols, many of which compete with one another on the basis of providing users with meteoric yields.
See: Intro to yield farming and the latest developments in DeFi
Today’s most promising DeFi apps all share a similar vision for the future: The creation of a divergent financial system where capital and data flows more equitably, shifting control away from institutions and towards the individual.
However, the most popular DeFi apps are still dwarfed by most centralized exchanges, which wield outsized impact and influence within the cryptocurrency and blockchain space. The best centralized exchanges offer a compelling mix of user-friendly services that are more easily understood by end-users.
Centralized products are easy to use and comprehend, and can be accessed using a web browser, desktop or mobile app. At earlier stages of development, it’s also easier to increase the pace of innovation with centralized technology, as teams can work in concert to build new features, fix bugs and produce the kinds of fine iterations that improve the overall user experience.
See:Could Bitcoin on DeFi displace banks? Yes
"We believe the future of the industry lies in decentralization, and with the momentum increasing, it's time to go all-in."
By focusing on delivering a superior user experience in tandem with top-notch security, centralized exchanges essentially live or die based on their ability to “create trust” among their users.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
 |  |  |
Support NCFA by Following us on Twitter!Follow @NCFACanada  |
Related Posts
Shifting Model: Banks will be Acting as a Platform to many FinTech Firms
Alternative Assets That Can Carry Your Portfolio Through a Recession
The Evolving Digital Identity Landscape
Top 6 Ways Students Can Use VPN to Their Benefit
Remote Working Cybersecurity Checklist
Fintechs to play an “even more important” role coming out of lockdown, says British Business Bank
Leave a Reply