DeFi industry in a ‘very positive light’

DeFi sector has continued to attract considerable interest in 2022 in terms of funding and user growth despite the broader cryptocurrency industry reeling from an extended bear market.

As I read somewhere, the DeFi space in 2022 attracted capital from venture capitalists who pumped money into different protocols. In general, the DeFi industry partly benefited from the $14 billion that was channeled toward 725 cryptocurrency projects.

At the same time, in 2022, DeFi users recorded an average growth of 44% quarter-over-quarter. Indeed, the growth rate highlights the DeFi potential to record increased adoption considering the sector hit the milestone of five million user wallets.

Furthermore, ETH extended its dominance of the DeFi sector with more than half of the activity at 58%.

As far as I can tell, DeFi is transforming financial services, so we should take precautions when selecting crypto exchanges, DeFi, trading platforms, and every other tool we use these days. I have always believed that DeFi is something that new technology has to offer because strategic drivers are currently reshaping the market, which is what VoyFinance is doing.

I mentioned this because one of the reports I’ve found indicates that the DeFi sector has the potential to take on the traditional financial industry.
Do you believe that would be possible, what’s your opinion on that?

Notably, the researchers pointed out that DeFi has an advantage over the traditional sector due to ease of access.

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2 thoughts on “DeFi industry in a ‘very positive light’”

  1. I completely agree with you, and I will back up my argument with one project. Namely, I wanted to tell you about the project r/TribalCrypto. The Tribal platform gives small and medium-sized enterprises in emerging markets access to the latest financial technology, using the best of traditional finance (TradFi) and decentralized finance (DeFi).
    The Tribal financial ecosystem includes:

    – **Tribal Cards & Pay**, an omni-rail money movement toolkit

    – **Boomerang Rewards**, a blockchain-based rewards program

    – **Tribal Crypto-powered lending**, seeking to connect on-chain capital with

    emerging market borrowers

    The project has its own token. Tribal Token is the first token designed to help emerging market businesses grow using DeFi products. $tribl #tribal


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