DeFi: Is Anyone Really Using It?

DeFi: Is Anyone Really Using It?

Share to Linkedin Dai logo displayed on a phone screen and representation of cryptocurrencies are seen in this ... [+] illustration photo taken in Krakow, Poland on June 10, 2022. (Photo by Jakub Porzycki/NurPhoto via Getty Images) Supposedly, decentralized finance is the fiat and traditional banking system disruptor. Who's using it? Are you? Crypto investors may be buying the coins of the big DeFi players. But ask them if they have ever used it to borrow or send money to someone, and they will likely say no. Numerous DeFi platforms were created to lend in stablecoins backed by fiat. As investments, they have suffered the crypto winter. Maker MKR started the year at $2, 355 and is now $704. Aave began to 2022 at $258. It's now $85. The global DeFi ecosystem reached a high of $183 billion in November 2021, so this is no slouch of a sector in the cryptocurrency/blockchain space. For sure, hardcore crypto fans believe DeFi will render traditional finance obsolete in their very closed world, at least for them. The reality is that most people have never heard of or used DeFi. Investors own the tokens, but don't use the service. Everyone interviewed for this