DeFi needs a 'killer app' to go next level, says Ripple exec
A “killer app” for consumers is what will be needed to bring the decentralized finance (DeFi) sector to a level that draws in a mainstream audience, said Ripple Lab’s head of DeFi markets Boris Alergant.
Alergant nade the comments during a panel at the Blockchain Futurist Conference titled "The Future of Decentralized Finance" on Aug. 9, which was covered by Cointelegraph reporters on the ground in Toronto, Canada.
Alongside Alergant, Aventus Ventures CEO Kevin Hobbs, FLUIDEFI co-founder and CEO Lisa Loud, and Teller Finance CEO and co-founder Ryan Berkin also featured on the panel.
The general sentiment among the panelists was that centralized finance institutions will ultimately push DeFi towards mainstream adoption. Alergant suggested that growth will likely come from a user-friendly CeFi app that offers exposure to DeFi services:
“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.”
FLUIDEFI co-founder and CEO Loud expressed a similar view, noting how the everyday person eventually adopted the internet despite not understanding the internet protocol suite, also known as TCP/IP.
“If we look at two years, I see institutions investing more in DeFi and I see companies making simpler user experiences,” she added.
The Ripple executive also outlined that the DeFi sector will soon work hand in hand with the CeFi sector to provide financial services to customers.
“DeFi will ultimately supplement and complement CeFi. In the end you don’t really care if a trade is done through decentralized means in a centralized exchange. I just want the best damn execution,” he said.
Related: Decentralized
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