It’s been a rough year for DeFi, and it may not get any better until projects focus more on security, regulation and usability.
The persistent challenges faced by decentralized finance have been well documented by a handful of analysts and the recent collapse of the Terra ecosystem re-enforced the fact that something is critically wrong with DeFi.I think DeFi today is completely broken for 99% of the population.The promise of a more transparent financial system has been overtaken by greed.UST/LUNA is just the latest in a string of bad developments:— Peter Yang (@petergyang) May 11, 2022
Let's take a look at what experts say DeFi needs to do to have another revival. Improved usabilityTo date, the promise of open and uncensored access to a global decentralized financial system has been largely hampered by the complicated interface, confusing multi-step staking processes and a lack of clarity surrounding the yields on various tokens.What do you think DeFi needs to reach mass adoption?a) Better ease of useb) Greater education about DeFic) Less exploits and rugpullsd) Greater liquidity and on-rampse) Clear government regulation pic.twitter.com/dX4Qpd2Dsh— Rugdoc.io (@RugDocIO) January 9, 2022
The user experience for most platforms is sub-par to what would be expected when dealing with multi-million dollar platforms and the layouts can be complicated, along with poor documentation that leaves users frustrated.Adding to the confusion, an ever-growing list of blockchain networks with their own DeFi ecosystems can seem daunting to newcomers who may have never used a software wallet before.