According to Boris Alergant, a killer app is the only thing left depriving the DeFi industry of the mainstream level of adoption it should already be enjoying.
Concerned about what needs to be done for decentralized finance (DeFi) to see full-scale adoption, Ripple Lab’s head of DeFi markets Boris Alergant has shared his thoughts.
Alergant Suggests Killer Apps
Alergant believes that creating a ‘killer app’ could turn out to be a major game changer in the quest for DeFi adoption. According to him, the app is the only thing left depriving the DeFi industry of mainstream level of adoption.
He expressed this opinion while speaking during a panel at the ongoing Blockchain Futurist Conference in Toronto, Canada. The 2-day conference which started yesterday, is Toronto’s biggest annual blockchain event, and will end today.
The panel also had the likes of FLUIDEFI co-founder and CEO Lisa Loud, Aventus Ventures CEO Kevin Hobbs, and Teller Finance CEO Ryan Berkin present. Interestingly, some of them also echoed the sentiments of Alergant.
Lisa Loud, for instance, believes that adoption will be subject to institutional interventions. And taking a cue from how the internet came to be embraced globally, it is very achievable.
To put that into perspective, it is a fact that not everyone understands the intricacies of the internet protocol suite (TCP/IP). Nonetheless, an average person is an internet user in the world of today.
DeFi Adoption Needs CeFi Collaboration
Meanwhile, the panellists may have reached a general consensus regarding the best way to achieve mainstream adoption for DeFi.
They all believe that centralized finance (CeFi) institutions hold the key to drive the mainstream adoption of decentralized finance. However, as Alergant suggested, the growth will possibly stem from developing an incredible CeFi app with DeFi services offerings. He says:
“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.”
The Ripple exec was also quick to state the goal of the upcoming relationship between CeFi and DeFi. He hopes that ultimately, both would complement each other in the best ways possible.
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