The Decentralised Finance (DeFi) sector has exploded over the past few months with new projects getting launched on almost a daily basis. This sudden surge is by no means a case of ‘overnight success’. Rather, it is the result of constant development, innovation and resilience from the crypto community. The work looks set to continue with several players still focused on creating novel tools and solutions needed to overhaul the current financial system.
There have been notable developments in DeFi enabling easy provision of financial services such as loans and derivatives in a completely decentralised manner. Such accomplishments are manifestation of DeFi’s promise and viability as the natural replacement for the conventional centralised financial system. Moreover, the rising interest in decentralised financial products is a strong indicator of the changing consumer values favouring a more democratic financial system.
DeFi’s path to success filled with obstacles
Despite the overwhelming early success, DeFi still remains a niche ecosystem that needs some serious building for it to succeed in the mainstream market. The space is plagued by some challenges like :
Additionally, multiple projects are encumbered by a myriad of issues like:
This is problematic for both the customers and innovators, especially those without a technological background. As such, DeFi faces the risk of being a reserve for a select few with sufficient programming knowledge and financial expertise. Such a small group is not enough to achieve the grand vision of transforming the financial system. Therefore, the only way to replace the centralised finance system is by taking DeFi to the masses.
A handful of projects are committed to breaking these barriers through different novel approaches. Some solutions to handle volumes, centralisation, and interoperability are in development as new projects are writing better codes to make their platforms more attractive. However, the focus for most projects is tackling only those issues they consider their biggest impediment with none willing to build industry-wide applicable solutions. Except one; dFinance.
dFinance
Dfinance is a purely decentralized layer-2 network offering the infrastructure to create various financial instruments and DeFi tools with no technical skills required.
Dfinance is employing a holistic approach in tackling the biggest obstacles standing in the way of DeFi. They are building an ecosystem that can be used by multiple DeFi applications to create and distribute value irrespective of their native blockchain. Dfinance uses a combination of the following tools to meet these goals:
In addition to providing these tools for use across the entire DeFi space, dFinance has also established its platform for provision of financial services. Its key features include:
Dfinance is moving with pace to deliver these solutions that aid to unlock the full potential of DeFi. The mainnet launch is imminent thus bringing closer the promise of taking DeFi to the masses thanks to Dfinance’s novel initiative.
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