Ripple Top Manager: DeFi Needs a 'Killer App'

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The head of Ripple Lab for decentralized finance markets, Boris Alergant, believes that in order to attract a mass audience, the DeFi field needs a “killer application.”

During the Blockchain Futurist conference BorisBoris Alergant, along with other panelists, agreed that CeFi companies will help drive the adoption of decentralized finance (DeFi) projects. In their opinion, most likely, some centralized exchange or startup will launch a “user-friendly and convenient” application with DeFi services.

“Imagine that you are ordinaryuser, you are explaining to your mother how to make money by staking AAVE or ETH. She doesn't know how to use the MetaMask wallet, but wants to participate and earn income. She just needs a clear way. And that’s where the big companies come in, they create this killer app that will take cryptocurrencies and DeFi to the next level,” Alergant explained.

He was supported by the co-founder and CEOFLUIDEFI Director Lisa Loud. She recalled that today everyone uses the Internet, but it is unlikely that many will be able to explain the principles of operation of the TCP/IP protocol.

“Currently, anyone using DeFiknows how to use the protocol itself. This is not true, this is a bad model to adopt. Within two years there will be a significant increase in investment from institutional investors in DeFi and I think companies will simplify the user experience,” Laud said.

Chainalysis previously reported that more than $2 billion had been stolen from cross-chain bridges of DeFi projects since the beginning of the year.