We need to bring DeFi into the fold of mainstream financial services.
To do so, DeFi projects must build on-ramps - including better user interfaces, accessible products and services, and stablecoins - that make it easier for people who don't know much about cryptocurrency to buy digital assets easily and participate in decentralized financial services.
DeFi projects can and should maintain multi-sig contracts, protection of data privacy, access to distributed blockchains, and all the other decentralized features.
Second, the DeFi community should create products and services for a greater share of the population.
DeFi projects must rediscover the original purpose of bitcoin by focusing on peer-to-peer exchange and removing toll-collectors from financial services.
Offering these services will allow DeFi projects to expand their reach by providing real value to more people across the world, no matter income, age or location.
Third, DeFi providers should be conscious of the fact that many people still feel uncomfortable investing in digital currencies due to price volatility.
Resembling fiat currencies, stablecoins can function as a teaser for BTC, ETH, and other decentralized currencies and DeFi projects.
Just as one cannot throw first-time swimmers into the deep end of the pool and expect them to swim, we cannot introduce crypto novices to complicated DeFi services and expect them to become Hodlers.
Let's concentrate our efforts in 2020 on making DeFi into a movement where everyone can participate and enjoy the fruits of decentralization.
How DeFi Goes Mainstream in 2020: Focus on Usability
Published on Dec 15, 2019
by Coindesk | Published on Coinage
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