DeFi needs to be secure, stable and accessible for all. Here’s how
Several collapses in the past year have highlighted centralization problems, while fragmentation remains another hurdle in this nascent sector. True decentralization is something that many crypto projects strive for, but the result is often too complicated for everyday users to rely on. So, what’s the solution? The high-profile failures of big industry players — namely the cryptocurrency exchange FTX — exposed just how centralized the crypto space has become. Former FTX CEO Sam Bankman-Fried now faces a flurry of criminal charges amid allegations that his decision-making directly affected the exchange’s collapse. Challenges of true decentralization While true decentralization has been touted as crucial for unlocking this nascent market’s potential, some protocols that meet this requirement are simply too complicated to use. Poor interfaces and convoluted mechanisms mean customers are at a higher risk of making costly mistakes or even losing their funds altogether. It’s little wonder t...