The entire cryptocurrency space continues to evolve rapidly, having surpassed $3 trillion market capitalization for the first time in 2021. Further, global blockchain spending has surged 7 times over the past four years to an estimated $6.6 billion in 2021, and is projected to more than triple by 2024. That’s impressive given the seeds of the crypto industry were sowed with the launch of Bitcoin just over a decade ago. Today, we have come a long way with the blockchain industry growing beyond just peer-to-peer transactions, as different sectors such as NFTs, GameFi, metaverse, and decentralized finance (DeFi) have emerged. But none has attracted the attention of the traditional financial industry like DeFi. DeFi is an eclectic mix of blockchain technology, digital assets and financial services that seek to disintermediate finance. The market experienced explosive growth in 2020, which many even call the “Year of DeFi.” That said, it is still early in its maturation.
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