Solana (SOL) co-founder Anatoly Yakovenko is unveiling one of the most impactful innovations that’s emanated from the crypto industry
In a new interview with macro guru Raoul Pal, Yakovenko says that decentralized finance (DeFi) is possibly the best thing that came out of crypto.
“DeFi is the most important app for crypto. It is the biggest innovation I think that crypto brought to the world. It’s the one that’s the hardest for adoption because this is a software-eating part of finance that humans really, really do not want to give up control of.
They like being the middleman and earning a free percentage point off somebody else’s money. If software can do it for 10 times less than that, they don’t like to give that up.
But I think it’s inevitable. There’s just no way that within you know 20 years, whatever, 50 years, that all this stuff isn’t running in software with decentralized applications (DApps).”
On the impact that DeFi is likely to have on the traditional finance giants such as Goldman Sachs and BlackRock, Yakovenko says,
“If this is a true disruption, it means it should compress their profits. This is what disruption brings.”
According to Yakovenko, some of Solana’s DeFi-focused projects are now growing after initial struggles.
“We thought Solana was perfect for DeFi when we were designing it, really building in this idea that cheaper, faster for finance is always better. And it’s been a struggle to get adoption there, especially after the FTX [exchange] collapse.
But there were really, really strong teams like Margin, like Solend, like Jito Labs, Pyth, Jupiter Aggregator… all these guys that just kept building through the bear market, through all the black swan events and are now like I think at that next stage of maturity to where they’re really hitting growth mode.”
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