The DeFi market continues to gradually hit new all-time highs, bringing many innovations within the financial sector. Thus, companies like Shanghai-based NEO and leading crypto exchange Binance display great interest in DeFi applications and services.
During a live stream, Neo founder Da Hongfei, together with Binance co-founder He Yi, revealed that they have a huge interest in DeFi. Notably, the two have partnered through Flamingo, an interoperable DeFi protocol built on the NEO blockchain network.
Flamingo allows users to trade, stake, and provide liquidity. Meanwhile, Binance announced that it has listed Flamingo on its launch pool platform.
Certainly, the DeFi industry aims to transform how the future financial industry would operate. Today, developers create DeFi projects for all kinds of financial instruments and use cases.
Hongfei presented that DeFi’s hype has not faded away. In fact, the DeFi sector created in a couple of years what traditional finance ‘perfected’ in 100 years.
Hongfei further went on to note that:
Lending and borrowing, decentralized exchanges, insurance and all kinds of derivatives are on the rise in DeFi.
Currently, China already uses Alipay and WeChat, making it easier to adopt DeFi financial services. In the years to come, more and more applications are expected to be built and innovated on DeFi.
Through DeFi adoption, people will certainly have no need for banks in the future.
Interestingly, DeFi Pulse revealed that the industry now hosts $11 billion in total value locked (TVL) on DeFi assets. The TVL has surpassed Bitcoin price this week, which is pegged at $10.8k, at the time of writing.