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The DeFi boom has only just begun, says Neo founder

September 27, 2020

The DeFi hype is not going away and is only just beginningDa Hongfei, Neo’s founder, said during a live broadcast on China’s hub on September 25th.

Since said that DeFi created a process in just a few short years that traditional funding took hundreds of years to perfect. DeFi projects are now experimenting with all types of financial products and services. He added:

“Loans and credits, decentralized exchanges, insurance and all kinds of derivatives are increasing at DeFi. The early-stage DeFi infrastructure has got off to a good start, and now it is time for many more applications to be built and innovated on DeFi.“.

According to Da, DeFi has opened up many new opportunities in the finance space, including creating a new type of asset that allows users to access cash anytime. DeFi, Da said, will have a significant impact on future economic life. Predicts that People will no longer need banks in the future when they turn to DeFi services. And this scenario can already occur. Using China as an example, Da said:

“”The Chinese have done this more or less, probably with banks, with Alipay and WeChat, at least with this kind of financial behavior without going to the bank“.

The DeFi boom has only just begun, says Neo founder
The DeFi boom has only just begun, says Neo founder

Da and Binance co-founder He Yi revealed in the livestream that Neo and Binance are actively involved with DeFi apps. One of those uses is Flamingo, an interoperable DeFi protocol based on the Neo blockchain. This allows users to participate as traders, stakers and liquidity providers. Binance has announced that it will add Flamingo to its starting pool on September 23. Both also want to build a DeFi infrastructure that goes even further.

As Cointelegraph previously reported, The Chinese state-backed public blockchain is exploring the possibility of building a regulatory compliance platform that can bridge the gap between global DeFi applications and government regulations.

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