Like anything else, DeFi has its pros and cons. The past few years was great at showcasing the technology’s strengths and weaknesses, giving people the opportunity to make their own judgements regarding the tech’s utility and potential. What would you say are things that need to be changed in order to provide a better experience?
6 thoughts on “If you had more control, what things would you change about DeFi?”
I would make it so no KYC is ever required to use DeFi services. Not only is it better for the user, but for the protocol too. Things that I still use to this date are protocols that do not require KYC (flatqube.io for farming, pancakeswap for buying crypto), so these companies can benefit if they could provide a more private user experience. If we wanted a regulated service then we’d use banks. Crypto should stay decentralized and anonymous.
Move away from smart contracts to layer 1 solutions.
Demolish current architecture. It can never scale. It can never meet its promise. Trying to fix it is building error on error. Demolish it to the ground. Replace with:
Atomic swap on/off ramps <-> Fast, cheap layer 1 exchange engine like Bitshares on a DAG-based blockchain with Dpos or Hashgraph consensus engine.
Remove all asset backed “stablecoins”, replace with BTC-backed assets on layer 1 with a truly decentralized peg using a long/short order book.
I would replace USDC, USDT, BUSD, wBTC and other centralized peg tokens with decentralized alternatives like LUSD, VST, RAI, pBTC, etc… Using tokens with upgradable contracts as the foundation for liquidity pools and CDP is madness. We’re slowly moving in the right direction though. DAI is ditching USDC and the dollar peg. FRAX is moving away from USDC. Hopefully these protocols can get all the centalized tokens off their balance sheets before it’s too late.
I think in the area of security but I see a great improvement already. Also, I see a lot of new innovations that will shape it. NexeraID is a good example as it will aid compliance and not give out user data.
A project with real customer service that acts and thinks like a web 2 business with tons of utility like a bank for example. Loans staking exchanges buy sell real estate etc
I wouldn’t change defi, I’d change central banks, government for defi and DAOs as they’re illegitimate master-slave architectures dictated upon brainwashed citizens. Abolish BIS, WB, IMF, govs, central banks.