Sunday 09 October 2022 ▪ 2:00 pm ▪
min read – with
Who would have thought that decentralized finance, designed to sideline banks and other institutional players, would be so uninteresting? There are several reasons why people are wary of DeFi technologies, just to name the volatility of cryptocurrencies, the bear market or too many hacks and scams that make their assets available to investors. However, Dennis Jarvis still believes in mass adoption of DeFi. In his opinion, we will not be able to exclude bitcoin from this view.
Bitcoin as a DeFi Adoption Lever
During his speech at the Dubai Blockchain Economy Summit 2022, Dennis Jarvis, CEO of Bitcoin.com, pointed out that bitcoin can act as “ front door in the DeFi space. In fact, he believes that King Crypto represents “ a decentralized platform without trusted third parties that offers a high level of security and anonymity “.
” I think most people are mostly interested in bitcoin mining first. This is the first step in their crypto journey, so it includes buying their first bitcoin “, he said.
Overall, Jarvis wants to get investors to trust decentralized finance again with bitcoin. He admits that the current image of DeFi is tarnished after a series of infrastructure attacks such as Ronin Bridge Axie Infinity.
Also, the fall of Terra would be a source of great discouragement among people. A reaction that seems completely normal after finding 40 billion dollars in losses, thousands of victims, etc. However, it should be noted that the first person responsible for this whole fiasco, who is currently targeted by an arrest warrant, is still on the run.
While being interviewed by Cointelegraph, Dennis Jarvis had suggested another way to move towards DeFi and dApps. This has to start with the exchange of BTC against other cryptocurrencies like ETH, DOGE, AVAX or even MATIC through a decentralized exchange (DEX).
multiplicity of channels as an asset
The future of crypto lies on the “multichain”, according to the Bitcoin.com boss. On the one hand, we have a plurality of chains that support several innovations, and on the other, we will consider a DeFi space that has “ huge potential for growth and development “. This is the reason that drives Jarvis and his entire team to promote DeFi to their users.
At the moment, it seems that bitcoin maximizers are very interested in scams. The crypto universe as a whole is inhabited by good people, bad people and ugly people. It is completely normal for bitcoiners to hate scammers and cryptocurrency thieves. Unfortunately, this hatred leads them to reject everything related to DeFi, to swear off Bitcoin.
Dennis Jarvis said he has a game-changing plan:
” I think there are uploaders out there who are worried about people being ripped off and ripped off, and so are we. […] We do our best to help them avoid the riskier, potentially scamming side of crypto. »
Bitcoin and the future of DeFi
Last September, BeInCrypto put together a bouquet of expert opinions regarding the future of DeFi. To see this compilation, it seems that their views on the matter are different. Indeed, the future direction of DeFi is divided.
If, for example, Anderson Mccutcheon (CEO and founder of Chains.com) expects the collapse of decentralized finance due to lack of demand, Dmitry Tolok (co-founder of Primex Finance) and Asaf Naim (co-founder of Kirobo) predict it. generalization.
Clarified Mr. Name:
” From my perspective, DeFi will likely become ubiquitous in the coming years, once scalability, usability and security issues are addressed. So far, it has been used by a small number of people with extensive knowledge and indeed the barrier to entry is high due to the knowledge required. It will take time for the industry to lower barriers to entry for DeFi to become mainstream. »
In the current environment undermined by the bear market, many are questioning DeFi for its volatility. But Diane Dai, co-founder of DODO, remains confident as the number of DEX users continues to grow. As for volatility, here’s an explanation:
” When something is new it is often volatile, but over time it stabilizes. In the same way that some people prefer an apple to an orange, some people will always prefer traditional finance to DeFi. However, the service that the blockchain offers will allow it to become more and more mainstream and still have value. One day it won’t be so volatile and that means all the value has been found. It’s not just about finances, it’s about a cultural paradigm shift. »
In conclusion, we will say that despite the position of the Bitcoin maximizers and the bearish market, many players believe that DeFi has a better future. However, we need to recognize the diversity of ideas in this space and have more inclusive alternatives such as those promoted by Dennis Jarvis. The latter, in fact, mentioned the possibility of combining bitcoin with DeFi, given the high level of security offered by the blockchain.
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The blockchain and crypto revolution is underway! And the day the effects are felt on the most fragile economy in this world, against all hope, I will say that I was involved.