Earlier this week, the founder of Cardano IOHK_Charles addressed his followers on YouTube to discuss DeFi: its achievements, potential, and challenges in the long term.
The total value locked, or TVL, in decentralized finance has soared to over $250 billion as 2021 closes out, with most activity on Ethereum,While TVL valuations underscore the rapid growth of the industry, Cardano founder Charles Hoskinson has warned about the challenges facing DeFi. In a YouTube video entitled,"DApps and Cardano DeFi Alliance," Hoskinson talked about DeFi's potential as well as Cardano's small role within the industry.
According to Hoskinson, who has been on a decade-long quest to transform traditional finance, there needs to be more long-term vision among developers and creators: “It’s very hard to do this kind of engineering and to do it right, with an eye and foresight for the future. Unfortunately, many of the projects in this space will not stand the test of time. It’s just a fact that we will see a great extinction occur in the next five to 10 years.”Although he believes that 2022 will be “a big year” for both the industry and Cardano, there is “still so much to do,” particularly when it comes to certification standards, the production quality of DApps and security.
Despite considering the crypto community to be “the weavers of the genetics of finance and of the destiny of humanity’s financial operating system for the 21st century,” Hoskinson claims that the “only thing that holds us back is. If we fight each other, demean and attack each other, all we are doing is hurting our ability to be able to steer the dialogue towards productive ends.
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