DeFi: How It Started. How It's Going. And Where Do We Go from Here

DeFi: How It Started. How It's Going. And Where Do We Go from Here

Have you started to hear terms like DeFi and NFTs used in more natural settings outside of the internet? If so, you’re not alone. In fact, a recent article in Entrepreneur magazine quoted Mark Cuban on the topic. Basically, he compared the time we are living in with the mid-90s. During those years, people were just starting to talk about the internet and all of its applications. However, the internet was nothing new at the time; it was just starting to become spoken of in the mainstream.

DeFi is finding itself in the same situation. Sure, DeFi has been around more like half a decade rather than a full decade, but tech also moves a lot faster now than it did 30 years ago. Bitcoin changed the game financially when cryptocurrency was introduced to the world in 2009. In 2015, Ethereum changed the world again by bringing smart contract technology to the blockchain. But the Internet Computer, still in its infancy at just 15 months since the release, is going to be what takes DeFi into the future and makes it a truly household name.

While it is true that DeFi started among a small group of individuals trying to carve out financial freedom for themselves using the emerging blockchain technologies, people had a lot more time on their hands during the pandemic to search for new things. Quite a few of those people were looking for new ways to invest and new technologies to pursue. This opened the door for DeFi and NFTs to have their day in the sun.

According to Statista, there were a mere 189 DeFi addresses buying and selling assets in the early days of December 2017. In July 2022, the number is approaching 5 million. Now, InfinitySwap is proud to be introducing the next generation of DeFi to the world.

Where the Internet Computer and InfintySwap Will Take DeFi in the Future

InfinitySwap doesn’t just want to make DeFi a household name. We want to bring decentralized finance to the masses, even to those who could never dream of owning their own house in the current global economy. DeFi is a financial system for all, not just those fortunate enough to have an investment portfolio or even a bank account. The Internet Computer will make it possible as the existing blockchains are integrated.

While Bitcoin is recognized by many as a store of wealth, it is historically difficult to use that wealth due to slow transaction speeds and high transaction costs. With the Bitcoin integration testnet in place, it will soon be possible to trade and stake Bitcoin assets on the Internet Computer without the need for a non-secure bridge. Direct integration introduces a whole new world of DeFi, both to Bitcoin holders and Internet Computer users.

Of course, Ethereum integration will also bring in all of the tokens currently being traded on the blockchain that sees the majority of DeFi volume. So welcoming Ethereum users to blockchain singularity later this year will be another huge step.

The Takeaway

If you get nothing else from this article, just know that DeFi is becoming well known across the globe. The Internet Computer is making advancements in integrating other blockchains to expand the capabilities of DeFi. InfinitySwap is positioned to be at the forefront of the new DeFi movement, helping you to store, trade, and stake your tokens safely.

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*Disclaimer: While every effort is made on this website to provide accurate information, any opinions expressed or information disseminated do not necessarily reflect the views of InfinitySwap itself.