DUBAI, UAE / ACCESSWIRE / July 2, 2021 / DeFi had grown significantly from $700 million in 2020 to $67 billion in TVL in 2021. Returns as high as 2000% have piqued investor's interest. However, when you realize such a massive jump in the growth, it hasn't synchronized in tune with adoption. So, when the rhetoric revolves around adoption of DeFi globally, retail plays a key role in that, but the space has provision for an upgrade.
MassDeFi, a decentralized lending and borrowing protocol has been all set to provide that upgrade which would drive retail revolution through inclusivity and efficiency.
How is Mass DeFi Proposing To Drive Massive Adoption in DeFi?
When you talk about adoption, it can happen when two groups in the financial ecosystem are satisfied: investors & consumers. MassDeFi has released innovative DeFi products that don't only simplify payments but also investments. The ecosystem has built automated smart contracts to compound investor's returns. Likewise, it has also taken consumer/ borrower interest into account by allowing crypto usage in centralized finance. For the first time, over 100 million users who just held crypto-assets for trade can use them in other ways in DeFi.
These populations can bring their crypto to DeFi for a massive retail revolution driving adoption. All of these would be powered by MassDeFi through their partnership with NEO banks and payment systems accepted across 200 nations. These benefits would be enough to encourage not just 100 million crypto users but even numbers beyond that to enter the crypto space for an experience that is at par or sometimes better than traditional financial systems.
You can simply understand the impact of a massive retail revolution when you can issue a credit card by pledging your crypto and use the credit card for payment at a POS or e-commerce store. The upside, however, when compared to the traditional mortgage or credit card system is you do not lose control over your asset. So, at any point, you can use your asset if the market is bullish to pay your loans and walk away with profits. Such leverage doesn't exist in a traditional financial market.
Rishabh Gupta, the CEO of MassDefi thinks, " Blockchain technology is not an alternative. We should aim to use this fast-growing technology and build the two most important characteristics of any system - Efficiency and Inclusivity. We built Mass Defi with a vision to 'Defi-ning payments' and bring adoption to a decentralized finance ecosystem. For that purpose, we have built partnerships with Neo banks and merchants network across different geographies to bring retail utility and bridge the gap between the traditional assets and crypto-assets. Along with a yield optimizing the protocol for the lenders, we are also targeting the consumer borrowing market and offering a solution to a user where they can use their assets to buy real-world utilities such as paying an electricity bill, shopping, etc and still retain the ownership of the asset."
However, when you have envisioned bringing the next billion users to the DeFi space, the ecosystem has to provide the same level of competency as a centralized ecosystem. Faster transactions and low fees are some of the advantages of a centralized financial system.
MassDeFi has endeavored to create the same effect for traders and investors by moving their ecosystem on BSC or Binance Smart Chain. The upside of moving the operation to layer two will be lower fees and faster adoption. With such advantages, people wouldn't abstain from doing micro-transactions, and the use of crypto credit cards could go mainstream even for buying a 10$ candy at the store.
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SOURCE: Mass Defi