DeFi’s Next Growth Phase will likely come from Solana, Avalanche, and Other Chains.
One of GeckoCon’s sessions today, titled ‘What’s Next for DeFi?’ discussed current events impacting the decentralized finance industry and its possible growth in the near-term and long-term future.
Speakers of this session included Michelle Sun, a Core Contributor at Serum; Ivan Gbi, a Core Contributor at Gearbox; 0x Murloc, the Co-founder at Trader Joe XYZ; and George Harrap, the Co-founder of Step Finance.
The speakers provided valuable insights into the impact of UST’s collapse on Defi, Three Arrows Capital’s effects on the industry, the future of algorithmic stablecoins, the interconnectedness of CeFi (centralized finance), and DeFi, and more.
One key takeaway from the discussion was their forecast that the next phase of growth in DeFi would most likely come from Solana, Avalanche, and other chains. They pointed out that Ethereum will continue to be the dominant smart contract platform and preferred destination for major projects. However, new users will likely enter into DeFi through other chains as they have invested heavily in marketing and advertising.
Mr. Murloc pointed out that there is a higher probability of a new DeFi user seeing an ad from Solana, Avalanche, and other chains when compared to seeing one from the Ethereum team. He said:
I’d be pretty surprised if like in five years from now, Avalanche and Solana like were not significant chains…I’d be pretty shocked if Ethereum was not the dominant chain in the future. I think that we will continue to see a lot of leading innovation around smart contracts and different kinds of mechanisms whether it’s tokenomics and growth hacking.
…having said that, where do like the next one billion user come from. My guess would be that it is going to come from other chains…because the growth requires marketing…I don’t see too many Ethereum billboards…and this is being done today by all the newer chains right now. You have the Crypto.com arena and not the Ethereum Foundation arena.
GeckoCon 2022 To Feature Over 150 Keynote Speakers.
To note is that GeckoCon will feature over 150 Keynote speakers, including: