Contest Alert | The Tech Quiz - Season 35
Welcome here steemians. Technology is indeed advancing and changing the course of financing in so many ways. Decentralized finance (Defi) incorporates the new day technology which tends to eliminate barriers such as the traditional finance authorities or the third parties. We are now able to do and transact businesses from any part of the world through the development of infrastructures like softwares, cryptocurrencies and the blockchain technology without any hitch or barriers.
Decentralized finance (Defi) is an established blockchain technology that enables the execution of financial transactions between people without the intervention of the traditional financial authorities. Defi makes use of smart contracts on decentralized applications (Dapps) and the transactions conducted on blockchains includes:
- Cryptocurrencies
- On spot trading
- Insurance
- Asset lending and borrowing
- Savings and interest
- Asset exchange and swap
[source] A shot of my favorite Defi Project.
My favorite Defi Project is pancakeswap. It is a decentralized exchange built on the binance SmartChain(BSC). The ecosystem consists token trading, earning, gaming, and NFT as it enables traders and investors to swap, invest. It has about 4,425,459 in the last 30 days and has conducted about 34,079,915 trades for the last 30 days. The total asset Value Locked is about $1,864,539,015. To carry your transactions, it requires you to connect your wallet and then specify the amount in the appropriate fields.
The later years of decentralized finance would be potentially favorable and with high growth prospects, although challenges would be there. As the adoption crypto deepens, financial inclusion widens and more decentralized applications (Dapps) would be developed to enhance integration.
In the traditional finance systems, the speed of transaction processing is very slow and very costly. It also requires tedious account opening requirements and constant system breakdowns.
Defi is now changing the course as it provides the fastest if not the faster, cheaper, accessible, less requirements and easy to use. The table below shows that there would be a potential growth for Defi.
| Report | Value |
|---|---|
| Defi market size in 2023. | $16.33 billion |
| 2030 revenue forecast | 231.19 billion |
| Growth rate(CAGR) | 46.06% from 2023 to 2030. |
I therefore conclude and agree that despite the challenges, Defi would continue to be on the positive growth track because decentralized finance is really bridging the and at the same time, providing solutions that can not be provided by the traditional finance institutions.
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