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Top cryptocurrency news: DeFi needs a 'killer app' to go next level: Ripple exec

10-Aug-2022 By: Sudeep Saxena
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According to Ripple Lab's head of DeFi markets Boris Alergant, a "killer app" for consumers will be required to push the decentralized finance (DeFi) industry to a level that attracts a mainstream audience.

Alergant made the remarks on Aug. 9 at a panel discussion titled "The Future of Decentralized Finance," which was covered by the local media outlets on the ground in Toronto, Canada.

Along with Alergant, the panel included Aventus Ventures CEO Kevin Hobbs, FLUIDEFI co-founder and CEO Lisa Loud, and Teller Finance CEO and co-founder Ryan Berkin.

The panel members agreed that centralized financial institutions will eventually push DeFi into mainstream adoption. According to Alergant, growth will most likely be driven by a user-friendly CeFi app that provides access to DeFi services:

“So I believe institutional adoption is the way to go, and institutions are what will enable that killer application for consumers to truly take crypto and DeFi to the next level.”

Loud, co-founder and CEO of FLUIDEFI, had a similar perspective, noting how the average person eventually adopted the internet despite not comprehending the internet protocol suite, generally known as TCP/IP.

“We all use the internet, right? The internet represented a paradigm leap for us, yet we had no idea how to use TCP/IP. Right now, everyone who uses DeFi understands how to utilize the protocols; this is not sustainable, and it is not a healthy adoption strategy.”

In the next two years, she sees institutions spending more on DeFi and companies simplifying user experiences.

The Ripple CEO also highlighted how the DeFi and CeFi sectors will soon collaborate to offer users banking services.

DeFi will eventually augment and supplement CeFi. In the end, it makes little difference whether a deal is conducted through decentralized or controlled channels. He stated, "I simply want the finest darn execution."

Read also: Top Cryptocurrency News: Marathon Digital Posts Negative Q2 Results but Increases BTC Production 8 Percent YoY

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