If I’d asked 100 different people at this week’s Acquire or Be Acquired to define DeFi, I’d bet $10,000 worth of ETH I’d get 100 different responses.
As I shared in yesterday morning’s remarks, decentralized finance is a complex area, with interest and usage growing exponentially over the past two years. Many aspects of financial services will be reinvented in a decentralized way — with numerous vendors working on new concepts. Given the current state of bank technology (coupled with a complex regulatory environment), financial markets are riddled with inefficiencies that new companies want to exploit.
Ours is a huge market being transformed by DeFi. But by no means the only industry being impacted. So as we wrap up our time in the Arizona desert, let me re-share one of my slides that shows changes taking place today.
— Learn about smart contracts — and how these potentially replace banks and third parties in executing transactions.
— Tackle questions like “what are the benefits of incorporating blockchain technology into my services — and what are the inherent risks?”
— Focus on this year’s “wallet wars;” whereby wallet providers like Kraken, Crypto.com, MetaMask, etc. up their customer experiences to compete for clients.
This year’s event made good on my early prediction that diversification, differentiation and decentralization would be major themes. To the third one, we are just scratching the surface in terms of what’s now — and what’s next.