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DeFi-ning the DeFi; what does it have in store for 2023
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Jun 28, 2023
Experts believe that 2023 will witness mainstream DeFi adoption through increase in corporate use cases
Global regulators’ intervention in crypto markets seems to ask how decentralised finance (DeFi) trends will fare in 2023. For 2023, it’s believed that DeFi will play a role in traditional finance, along with developments around Web3.0-backed financial technology (fintech).
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According to Grand View Research, a market research and consulting firm, global DeFi market is expected to clock a 46% compound annual growth rate (CAGR) for 2023-30. The firm further stated that DeFi’s adoption has expanded because of its ability to eliminate middlemen from financial procedures, as well as contributions from Esports and gaming sectors. “I believe decentralised derivatives and options are gaining traction as financial instruments. The integration of real-world assets on blockchain and adoption of Central Bank Digital Currencies (CBDCs) are also trends,” Alankar Saxena, co-founder and CTO, Mudrex, a crypto investing platform, told FE Blockchain.
Besides, regulations should be overdue by next year so that can give DeFi community reasons to be agile and become malleable with change in circumstances,” Rajagopal Menon, vice-president, WazirX, a cryptocurrency exchange, concluded.
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