2020 is being the year of decentralized finance (DeFi). And for large companies in the crypto market, this could be a unique opportunity to conquer leadership in a booming sector. That is why we have seen organizations like Tron and Binance trying to integrate into DeFi with new products and services. This is reflected in the fact that the DeFi will be discussed at the Binance Summit to be held on September 10.
Changpeng Zhao recommends caution with the DeFi
The year of the DeFi
For many years, members of the crypto community became accustomed to hearing about the promise of the DeFi. Even though they had not been developed in any significant way. There was always a group of users who predicted that decentralized finance applications would be the future of the financial system.
However, it wasn’t until a few months ago that the DeFi made their way into the headlines of the crypto world. After the economic crisis that affected the entire world due to Coronavirus, the value of this sector of the crypto market increased exponentially in the short period of only three months.
Thanks to this, projects with years of existence such as Chainlink or 0x are experiencing a true rebirth. While newer ones such as yearn.finance have come in strong, making their governance token, YFI, one of the most profitable crypto currencies of the year. Multiplying more than 30 times its value in just a few weeks.
Although the DeFi sector is just getting established. And it faces challenges such as the existence of poorly thought out and executed projects like the case of YAM. The truth is that it seems that the year 2020 will be remembered as the moment when decentralized finance released its full potential. This explains the reasons behind Binance’s involvement in the DeFi.
Binance Futures launches perpetual contracts for DeFi
Binance’s entrance to the sector
For several months now, Binance founder and CEO Changpeng Zhao has made it clear that his company plans to enter the DeFi sector with strength. For which they would be preparing a series of their own products, such as perpetual contracts for DeFi. At the same time they are giving relevance to decentralized finance projects within their platform.
For this reason, it should come as no surprise that the company is dedicating the Bitcoin Method Summit to be held this September 10 between 4:00 PM and 7:30 PM (UTC) to the topic of DeFi. During the event, important personalities of the sector will participate, such as Compound’s Strategy Leader, Calvin Liu, and Accomplice VC’s partner, Ash Egan. In addition to offering a workshop where they will explain how to obtain passive income with the DeFi.
In this way, Binance reaffirms its commitment to decentralized finance, as a vital part in the development of the crypto market in the future. Trying not only to promote the use of them among users. We also try to provide them with the necessary tools to understand the operation of the most important projects in the sector.