Dominik is the co-founder and chairman of the Iota Foundation, an open-source distributed ledger and cryptocurrency designed for the Internet of Things.
“The biggest difference between crypto in 2017 and crypto in 2022 is the establishment of tangible business models and use cases within our ecosystem thanks to DeFi. We no longer have to wait for external parties such as large companies to drive option. We can do it ourselves with applications that introduce much-needed innovation to the base level of our economy — finance.
2021 has been a tremendous year for early-stage validation and growing excitement toward DeFi’s potential. But it’s still early stages. DeFi isn’t yet comparable to fintech companies like Revolut or N26 (2 million to 5 million monthly active users) or established Web2 finance players like PayPal (361 million active users). It’s anyone’s game, since no DApp in the crypto space has achieved mass option.
Going into 2022 and equipped with the right layer-one networks, we’re aiming for mass option. To achieve that, we need to ericate the entry barriers for buying and selling crypto through regulated fiat bridges (such as banks), overhaul the user experience, reduce fees (anything above $0.1 is not acceptable), and provide the right guide rails so everyone can easily and safely participate in the decentralized economy (such as custody solutions, decentralized identity and secure wallets).
DeFi is legitimizing crypto and decentralized economies. Tritional financial institutions are alrey starting to participate. In 2022, we will only see an uptick in usage and option.
The beauty of permissionless innovation is that we are able to rapidly evolve as an ecosystem to find the best possible solutions. DeFi is the rapid innovation playground we needed to finally upgre the finance sector with technologies that will empower everyone to participate in the global economy.”
META ARTICLE: From DeFi year to dece: Is mass option here? Experts Answer, Part 1 PUBLISHED: 2021-12-18 15:15:00 SOURCE: https://cointelegraph.com/explained/from-defi-year-to-dece-is-mass-option-here-experts-answer-part-1