Blockchain technology is disrupting every sector of the global economy with its limitless opportunities and innovative products. Decentralized finance is one of the sectors that has been trying to shake the traditional financial ecosystem. The multitude of DeFi applications emerging all over the fintech space has provided solutions, such as lending, staking, exchange of derivatives, among others.
The current craze is justified, as DeFi attempts to build an alternative to the rigid banking systems. Also, government regulation (or lack thereof) and a flawed financial infrastructure have allowed DeFi projects to blossom. However, the concept of DeFi has also faced several hurdles, such as liquidity issues and everyday usability, which have prevented it from moving into the mainstream financial market. Moreover, 32% of those who took part in a Blockfolio survey have no idea what DeFi is.
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