DeFi has been on an upswing for the past few years, and during the first few months of 2021, many DeFi projects such as Uniswap and Chainlink have reached new heights in terms of active users and market prices.
With growing demand and usage, DeFi has scaled to new heights. Features such as yield farming, liquidity farming, composability, money legos have emerged and taken the cryptocurrency world by storm.
In a recent interview with Crypto Potato, the Balancer’s head of growth, Jeremy Musighi, said that DeFi would replace many traditional finance services shortly.
In 2021, DeFi had explosive expansion. The total value DeFi soared at almost $100 billion in 2021. Crypto Potato questioned Musighi whether he believes the general bull market was the primary cause for it or whether there was a natural transition.
He believes that markets recognize how influential DeFi will be and that it is here to stay and raise awareness and education about how DeFi is poised to replace many of the traditional monetary services and products that we presently have.
He went on to say that investors who realize the possibilities in DeFi are pouring a lot of cash into it since they know how much it will expand. That is one of the factors driving the bull market.
At the same time, the bull market and prices rise, attracted greater attention from outsiders and individuals who have not previously been involved, and they become interested as well.