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- More than the top 30 DeFi protocols are teaming up.
- Recent activities have deviated people towards DeFi.
The recent events in the crypto industry have majorly shifted the demographics away from centralized finance and towards decentralized finance. All the allegations and bad news could not raise a question about the technology’s potential but highlighted the greed and activities of bad players in the arena. In the last 24 hours, more than 30 DeFi protocols showcased the merits.
Participation for a cause
More than thirty top industry projects are participating in a campaign for creatively exploring the interoperability of Web3 by “permissionlessly” sharing Tweets from other protocols; this is to fortify the trustless nature of DeFi.
This exercise includes projects like Element, Yearn, Cow Swap, Aura Finance, Balancer, Euler, Gearbox, Dopex, Opyn, Pods, DegenScore, Sushi Swap, StakeDAO, MakerDAO, Ajna, Zerion, Aave, Oasis.app and Podss Finance. All these projects are working hard to change the narrative around crypto. All the collapses and sad events in CeFi have fuelled the interest in DeFi. With open-source codes and smart contracts governing decentralized protocols are outperforming their peers.
The Campaign to boost DeFi
This campaign is to celebrate that DeFi is bound to excel when protocols and Web3 organizations come together, compounding the innovation and user experiences. It is an experiment that can only work in Web3.
For achieving the full potential of DeFi, such collaboration is required. The diversity of ideas and expertise on the matter would help create exciting and innovative financial solutions for the decentralized world. By pushing the boundaries of traditional finances, there can be a more inclusive and accessible financial system with DeFi at its core.
The aim behind building DeFi is the replacement of the status quo financial network. This system is known for creating difficulties and non-transparency while curtailing economic freedom, making the market less efficient and safe. DeFi provides the much-required solution to the problem, which can introduce democracy, safety and transparency in the system and create products for the global citizen.
This campaign can also be considered a paradigm shift representing Web3’s financial sector. All the participants wish to stack their tools like legos and build an amazing structure for the world to marvel at. This process would continue until the technology catches up, offering automation. All are working to find common ground, aligning their values so that every one of the participants can help the cause accordingly. For DeFi to reach its desired goal, social change would be a key factor, and the results can never be achieved by anyone alone.
A DeFi protocol’s success largely depends on Web3 organizations; when they come together, it enhances the user experience and boosts the chances manifold. As it is known DeFi is open, permissionless and composable, but the reason it’s in its current state despite all the positives is collaboration.
Possible impact on the industry
Collaborative efforts like these will surely make a dent in the industry. Individually they were competing with each other; together, they were helping each other. This shift in the thought process and motive could cause a major shift in finance. No doubt DeFi is required, but its complexity and nonalignment among the providers make it difficult for a novice user to benefit from them. If it works as planned, this campaign could change the complete demographic.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
