Unity Network is bringing DeFi to the people
A decentralized finance system allows people to create financial products or "smart contracts" that execute actions automatically on the blockchain – without any bank, brokerage, exchange, or corporation acting as an intermediary.
This freedom has unleashed great experimentation in creating novel uses for DeFi – such as auctioning off non-fungible (unique) tokens that have famously fetched millions. But there are scores of other more day-to-day uses, as we'll explore ahead.
DeFi vs traditional finance
Understanding the problems that exist today will give you a better sense of DeFi's potential.
- Some people aren't granted access to set up a bank account or use financial services.
- Lack of access to financial services can prevent people from being employable.
- Financial services can block you from getting paid.
- A hidden charge of financial services is your personal data.
- Governments and centralized institutions can close down markets at will.
- Trading hours are often limited to business hours of a specific time zone.
- Money transfers can take days due to internal human processes.
- There's a premium to financial services because intermediary institutions need their cut.
DeFi is an $80 billion market
At the end of July 2021, the market capital for DeFi products was hovering near $80 billion. While that was down from its May peak of more than $89 billion, pundits expect the figure to rise in the coming year as DeFi projects mature and the cryptocurrency industry progresses on its highly public goal of lessening its environmental impact.
The future of DeFi
We see a quantum leap in new possibilities for the functionalities of money through the innovation of distributed ledger technologies. For the first time in history, that same population is shaping a global financial system for a global population. Anyone can get involved in the DeFi governance and sit at the table where the future of decentralized finance is being created.
Unity makes every effort to bring innovative, useful finance dApps to the everyday user. That journey starts with PreSaga!
Do you like our stuff? Subscribe now.