Changpeng Zhao, the CEO of the world's largest cryptocurrency exchange Binance, said that decentralized finance is here to stay despite many DeFi projects showing signs of being in a bubble.
In a Nov. 17 interview with Russia's news agency RBC, Zhao argued that "a lot of DeFi projects are already in a bubble, and I also believe that there are some signs of a bubble in the DeFi industry, but this does not mean that DeFi will eventually disappear entirely."
Zhao went on to say that the DeFi industry has a lot of potential for growth, noting that DeFi still remains popular amid an ongoing Bitcoin.
"Companies create new tokens, issue them as a reward. This is not a long-running story. But I think DeFi is here to stay. Even now, with Bitcoin's popularity rising again, DeFi is still popular. We think there is a lot of growth potential in DeFi.".
Zhao said that some DeFi projects "May not last too long" despite the industry providing a number of incentives through DeFi yield farming and DeFi liquidity.
Zhao also claimed that cryptocurrencies like Bitcoin are the best form of money, calling it the "Money of freedom for millions of people worldwide." The CEO predicted that the crypto market has the potential to grow as much as 100,000% as digital assets, supposedly, will become more widely adopted than fiat.
While he does see a future for DeFi, Zhao has noted roadblocks to the industry attaining mass appeal.
In August, he claimed that centralized exchanges will remain popular until decentralized exchanges become more user friendly.
DeFi is here to stay despite signs of a bubble, says Binance CEO
Publié le Nov 17, 2020
by Cointele | Publié le Coinage
Coinage
Nouvelles récentes
Voir tout
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.