Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $2,120 trillion. Bitcoin is up by nearly 4% in comparison with last Sunday. Ethereum lost 2% in value over the week. XRP is down by roughly 4% after a troublesome week. Most altcoins, except Avalanche, have traded in the red for most of the week. The DeFi sector gained almost $1.4 billion from the…
The creation of Defi is primarily focused on providing a platform that runs on blockchain and is independent of other external centralized institutions. Mainly Defi platforms are supposed to be completely decentralized, and they help complete serious tasks by leveraging smart contracts.
According to Charlie Lee, the creator of Litecoin (LTC), however, there is a high chance that centralized networks can be linked with a significant portion of Defi. Mr. Charlie suggested that it’s vital for Defi to have a centralized authority to protect against exploits.
The decentralized finance world has seen vast growth, especially since the introduction of ethereum in 2014, leading to the global financial system’s significant evolutions. In the past few years, decentralized finance networks have been putting up strong efforts to change the traditional finance concept, including banking services like borrowing and lending.
Although Defi is fighting hard to achieve its vision of complete financial revolutions, Lee is still unsure.
Crypto assets are centered on decentralization and foster other features like ease of access and privacy.
Based on Lee’s remarks, the Defi world is more of a source of complexities, and it may never be able to achieve full decentralization.