Accenture’s surveyHow decentralized finance can transform the financial market”, shows that the adoption of DeFi (Decentralized Finance) has been growing exponentially and is already is challenging some business models, of the financial industry mainly.
By the end of 2021, almost $300 billion worth of DeFi protocols and the ecosystem currently represents 1,598 protocols, dAPPS (decentralized applications) and platforms. In Brazil alone there was a 300% increase in stablecoin transaction volume in 2021.
DeFi is an umbrella term for emerging financial products, services, and solutions that are blockchain-enabled and use cryptocurrencies. These decentralized finances were born from the idea of expanding access to participants in the financial ecosystem on these fronts.
With a blockchain-based structure, it could be determined that DeFi dispenses with intermediation or central controls, directly connecting the parties involved in the transactionsallowing unknown actors, people or companies to establish financial relationships with each other, trusting the programming code (smart contract) that manages and executes the contracts and their conditions.
The survey noted that although the ecosystem is still in its early stages, less than a decade since the launch of the first protocols, DeFi and its protocols, dAPPS and platforms are rapidly evolving by the developer community. And they already present relevant figures for the global financial system:
Over $150 billion in savings cost of DLT (distributed ledger technology – digital database made up of copied, shared and synchronized information);
300% was the increase in transaction volume with stable currencies in 2021 only in Brazil;
Nearly $300 billion in value invested in DeFi protocols by the end of 2021;
R$ 270 billion is the value of cryptocurrencies in Brazilian wallets in 2021, corresponding to 3% of GDP;
10% of global GDP must be tokenized by 2027;
59% of Brazilians intend to invest in cryptocurrencies for the first time in 2022.
For Accenture, several recent interventions have challenged the traditional financial system in Brazil, such as the evolution of the current systems and Pix, with adherence of 50% of the Brazilian population and used in more than 70% of the transactions carried out, the digital duplicate, in addition to new market agendas, such as Open Finance and Real Digital. In this context, there is a prospect of great expansion of solutions and assets based on DeFi technology, which is why it becomes so relevant.
The theme, however, raises several questions for current players, such as how to evolve from “Being DIGITAL” to “Being TOKEN”passively waiting or not for related initiative definitions to move (eg CBDC), how to explore and incorporate the wealth of solutions from this “great sandbox” moved by enthusiasts with real use of money, which are the main use cases for wholesale and retail businesses, among other points.
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