The hype surrounding DeFi will not blur and we are only seeing the start of big things that are about to come said Neo founder Da Hongfei, while speaking on a live stream conducted by China’s Hub on September 25.
Da stated that DeFi established a system within a few years that conventional finance industry took several hundreds to perfect.
DeFi ventures are now trialing with all kinds of financial products and services. He further said that:
“Lending and borrowing, decentralized exchanges, insurance and all kinds of derivatives are on the rise in DeFi. The initial stage DeFi infrastructure has a solid good start, and now it is time to see more and more applications to be built and innovated on DeFi.”
As per Da, DeFi has paved way for innumerable kind of opportunities in the financial domain, including the development of a new kind of asset that permits users to gain access to cash at any instance. DeFi, Da opined, will have a considerable effect on future economic activities.
He anticipates that banks will become irrelevant in the future as they start using DeFi services. And such a situation already seems to happen. Pointing to China as an example, Da said:
“Chinese people have done this more or less, probably dealing with banks, dealing with Alipay and WeChat, at least doing this kind of financial behavior without going to the bank.”
Da, and Binance co-founder He Yi, disclosed in live stream that Neo and Binance are proactively exploring several DeFi applications. Flamingo, for example, has caught their attention. It is a full stack DeFi covenant hosted on the Neo blockchain, with interoperable ability.
The DeFi app facilitates users to partake as stakers, traders and liquidity providers. On September 23, Binance listed Flamingo on its launch pool. Both intend to cooperate on advancing DeFi framework.
China government backed public blockchain intends to create a platform that ensures regulatory compliance and fill the gap between DeFi apps across the globe and government regulations.
