Kraken is now the first cryptocurrency company to become a bank. Being an officially chartered bank, Kraken does not need to deal with state-by-state compliance. This is only the start of the trend, and more probably 5 years from now the younger generation will ask for bank accounts with access to both fiat and cryptocurrency. But , there is always a but. Even if i have BAT in my portfolio, i must to admit, i do not understand everything about DEFI, even if i can audit a smart contract, somehow. For the average consumer, just keeping a crypto portfolio will be enough, letting the bank to do their best to get him the profit. It will take years, if not decades, until DEFI will become mass adopted. Even in the 3% of people knowing about crypto, there are not many knowing how to use DEFI products. I would really like to know what is the percentage of the people using DEFI, even if the ones that we can see now are just crude drawings of what will be next. The reality will be more surprising than whatever we expect now.
I found an older statistic, where 72% of the people using crypto are also using DEFI protocols, 48% of them accessing it via Metamask. Those are interesting numbers. So, if 3% of the population in UK are using cryptocurrencies, than 3 x 72% = 2.16% of the total population are using DEFI in the summer of 2020. We are talking about 1.43 millions users just in UK. Not a bad start! Depending on many factors, we have an average APY of 16% on the very low end and over 800% on the very high end. But this is the long term prediction.
Until then, the following obstacles for the next week are Yfi being rejected at 20.000$, Bitcoin trying to reach 13.000$, and the funny fact that ETH miners revenue is on par with BTC miners one, despite the price difference from 11500$ (BTC) to 375$ (ETH), all thanks to the DEFI sector. As the inquisive minds always find a way, there are now 131,075 BTC on Ethereum-based decentralized finance (DeFi) protocols, with most of them are stored as Wrapped Bitcoin (wBTC). Spencer Noon, the head of DTCC Capital, estimates that this number will be 20 times higher one year from now.
On top of this, we have McAfee saying: “Hello from prison my friends. I am having a fascinating time. Spanish prison is not that bad. We can wear whatever clothes we want. We can smoke and socialize. It’s like the Hilton without turn down service.” Yeah, right, prison is fun. Are you kidding me?
Yours truly,
G.
Bibliography:
2. https://coinmarketcap.com/yield-farming/
4. https://www.kraken.com/en-gb/learn/what-is-decentralized-finance-defi
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