Industry execs voice confidence in DeFi adoption despite security flaws
With decentralized finance (DeFi) being a hub for various hacks and exploits, some may feel discouraged or wary of entering the space. However, professionals within the crypto space are confident that DeFi will have broader adoption in the future.
From educating institutional investors to eliminating user experience barriers for retail investors, Web3 executives shared their thoughts on how broader DeFi adoption can be achieved.
Speaking to Cointelegraph, Anton Bukov, the co-founder of 1inch Network, believes that recent events in centralized finance (CeFi) have highlighted the importance of DeFi. The executive believes it’s just “a matter of time” before the financial system switches to Web3 solutions. In terms of institutional DeFi adoption, Bukov noted that it’s essential to have a deep understanding. He explained that:
The executive also gave advice to DeFi projects in terms of security issues. According to Bukov, performing security audits is of utmost importance. “My advice to any DeFi project is simple – don’t be lazy to do several security audits before releasing any update, this will save you a ton of nerves and highly likely – users’ funds,” he said.
Dmitry Tolok, the co-founder of Primex Finance, also commented on the topic of DeFi security. According to Tolok, more insurance protocols may help push the adoption for DeFi. He explained that:
Tolok also told Cointelegraph that a more mature market with more mechanisms that deal with vulnerabilities will eventually lead to more investor confidence.
Related: A year after Taproot, Bitcoin community works to unlock its DeFi potential
Meanwhile, BNB Chain executive Alvin Kan highlighted the importance of education to spark broader DeFi adoption. Kan told Cointelegraph
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