DeFi needs a 'killer app' to take it to the next level, says Ripple director

A panel from the Blockchain Futurist Conference was asked about the future of decentralized finance and what needs to be done to foster it. widespread adoption.< /p> New

A “killer app” for consumers is what will be needed to bring the decentralized finance (DeFi) industry to a level that appeals to a mainstream audience, said Boris Alergant, Head of DeFi Markets at Ripple Lab.

Alergant made the comments during a panel at the Blockchain Futurist Conference titled “The Future of Decentralized Finance” on Tuesday, which was covered by Cointelegraph reporters on the ground in Toronto, Canada.

Alongside Alergant, Kevin Hobbs, CEO of Aventus Ventures, Lisa Loud, Co-Founder and CEO of FLUIDEFI, and Ryan Berkin, CEO and Co-Founder of Teller Finance, also participated in the panel.

The general sentiment among the panelists was that centralized financial institutions will eventually push DeFi towards mainstream adoption. Alergant suggested that growth will likely come from a user-friendly CeFi app that provides exposure to DeFi services:

"For an average user, you tell your mom how to get out and stake Aave or ETH [...] and it's a process. She doesn't know how to use MetaMask, but she wants to generate that return of one way or another. She wants to trade but she doesn't know how."

"So I think institutional adoption is where it's going, and institutions are what's going to allow [...] this killer app for consumers to really take crypto and DeFi to the next level. superior."

FLUIDEFI co-founder and CEO Loud expressed a similar view, noting how the everyday person has finally embraced the internet despite being unfamiliar with the internet protocol suite, also known as TCP/IP. :

"We all use the internet, right? The internet was a paradigm shift for us, but we don't know how to use TCP/IP. Right now, everyone who uses DeFi knows how using protocols is not sustainable, it's not a good model to adopt."

"If we look at two years, I see institutions investing more in DeFi and I see companies simplifying user experiences," she added.

The Ripple executive also pointed out that...