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Decentralized Finance Must Break Through the Crypto Bubble, Says Binance Research

by Daily Hodl Staff
January 17, 2020
in Blockchain

Binance says the decentralized finance (DeFi) movement is growing, but has yet to make a dent in the mainstream.

In a comprehensive report, Binance Research tracks how DeFi – which is an umbrella name for a broad push to automate and remove middlemen from traditional financial services like borrowing and lending, derivatives, margin trading, and insurance – is gaining steam among the crypto savvy.

Binance highlights early success stories like the crypto lending company Compound, which has built a decentralized system for people to earn interest by lending their cryptocurrency to fellow users.

Compound now has a user base of 21,424 customers. The US dollar value of collateral in its ecosystem expanded from $13.4 million at the start of 2019 to $86.3 million by the end of the year, a jump of 541%.

The researchers anticipate more growth.

“In our views, we expect DeFi to further garner interest from industry participants. However, use-cases have, so far, remained mostly confined within the existing crypto-community…

Once some technical and legal challenges are solved, we expect a meteoric growth in the decentralized financial industry, likely to attract individuals and capital beyond the scope of the existing crypto-industry.”

Binance points to Ethereum as the undisputed king of the DeFi movement, but says it expects other blockchain platforms to grow in the year ahead.

As for Bitcoin, Binance says a growing number of decentralized financial solutions built around BTC are also expected to emerge.

“Bitcoin (BTC) is likely to play a more significant part of DeFi, both on Ethereum and as a stand-alone solution… [It could also] be added as collateral in MakerDAO (e.g., tBTC, WBTC), and further garner adoption in established Ethereum-based DeFi applications.”

Binance also singles out EOS, Binance Chain, NEO, Cosmos, Tezos, Algorand, TomoChain, Tron, Waves and Ontology as potential blockchain platforms that could play a significant role in the growth of DeFi over the long run.

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