'For DeFi to find its place as the financial services foundation of the crypto space, there are five key areas where it needs to improve,' writes jrdothoughts. Opinion. Crypto2023, presented by Bitstamp.
The recent events in the crypto markets have reaffirmed the value proposition of decentralized finance as one of the core building blocks of the future of digital assets. However, the DeFi space has also been impacted by the changes in the market because many of the top participants in DeFi have effectively disappeared. This combination of events creates a very strong friction for the future of DeFi.
Simply put, DeFi blossomed in a market that doesn’t exist anymore. To fully realize its potential in the new reality of crypto, DeFi needs to evolve. But that evolution can translate into massive opportunities. For DeFi to find its place as the financial services foundation of the crypto space, there are five key areas where it needs to improve.
Derivatives seem to be the obvious place for expanding the set of financial primitives in DeFi because they play a role in capital efficiency and risk management. The DeFi derivatives space has been steadily growing, and protocols such as Ribbon or GMX have certainly showcased the potential of the space. However, most DeFi derivative protocols still haven’t achieved meaningful adoption and more innovation is certainly needed in the space.
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