Within the framework of the Blockchain Futurist Conference, Boris Alergant believes that in the future it will be necessary to cooperate with the established financial industry so that the DeFi can prevail.
The Ripple DeFi CEO Boris Alergant believes that a significantly increased user-friendliness in the field of decentralized financial services (DeFi) is needed so that they can become suitable for the masses.
Alergant made the corresponding statements on Tuesday at the largest Canadian crypto conference Blockchain Futurist Conference in Toronto. As Cointelegraph reports from the event, the participants of the relevant panel discussion were largely in agreement that centralized institutions and platforms will play a major role in bringing the DeFi to the masses:
“One can imagine how this would work if an average user suggested to his mother to invest her money in staking at Aave or ETH. She doesn’t know how MetaMask works, but she also wants to earn interest income. She wants to participate, but does not know how.“
“So it inevitably needs an institutional adoption first, because the financial institutions can in turn develop this killer app that is needed to take crypto and DeFi to the next level,” the Ripple expert continues.
Lisa Loud, the founder and managing director of FLUIDEFI, agrees with this reading, referring to the history of the development of the Internet, which was able to assert itself in the mainstream as a revolutionary technology, although average users do not necessarily know how the underlying protocol TCP/IP-works:
“We all use the Internet. The Internet has also been a paradigm shift for us, although not everyone knows how TCP/IP works. Just as little does every DeFi user have to understand how the associated protocols work, if that is a prerequisite, adoption cannot work.“
“In two years, I think institutions will invest much more in DeFi and many companies will ensure a much higher user-friendliness,” says Loud.
The Ripple DeFi boss agrees and is convinced that decentralized finance will work hand in hand with traditional centralized finance (CEFI) in the future.