DeFi Needs A “Killer App” And It Needs It Soon

Defi needs a “killer app” and it needs it soon in order to facilitate mass adoption of the technology and advancement of the DeFi Industry.

The decentralized finance (DeFi) sector will need to evolve to the point that it draws a large audience for mass adoption, according to Boris Alergant, head of DeFi markets at Ripple Lab.

Alergant’s comments were made on Tuesday at the Blockchain Futurist Conference during a panel discussion titled “The Future of Decentralized Finance.”

DeFi Needs A “Killer App”

Alergant was joined on the panel by other executives such as FLUIDEFI co-founder and CEO Lisa Loud, Teller Finance CEO and co-founder Ryan Berkin, and Aventus Ventures CEO Kevin Hobbs.

It was agreed upon by the panelists that centralized financial institutions will eventually push DeFi adoption into the mainstream. Alergant predicts that growth will come from a user-friendly CeFi program that advertises DeFi services:

“For an average user, you tell your mom how to go out and stake on Aave or ETH […] and this is a process. She doesn’t know how to use MetaMask, but she wants to generate that yield somehow. She wants to transact but she doesn’t know how to do it.”

“So I think institutional adoption is where it’s going, and the institutions are what is going to enable […] that killer app for consumers to really bring crypto and DeFi to the next level.”

Loud, co-founder and CEO of FLUIDEFI, expressed a viewpoint that was very similar when he stated that despite not understanding the basics or more complex intricacies of the  TCP/IP or the internet protocol suite, the typical person has finally come to accept the web.

DeFi and CeFi Will Soon Collaborate

The Ripple CEO also discussed the upcoming collaboration between the DeFi and CeFi sectors to provide customers with financial services. He said that Defi will supplement and complement CeFi and that people won’t really care if the trade is done through decentralized means on a centralized exchange. He further stated that he just wants the best execution of the trade.

The Blockchain Futurist Conference, which is in its fifth year, is the largest annual blockchain and crypto conference in Toronto, Canada. It runs till Wednesday. This year’s event is expected to feature a speech from Vitalik Buterin, the co-founder of Ethereum, despite the fact that he had already spoken at the Korea Blockchain Week two days previously.

Read the latest crypto news.