Justin Sun’s optimism with DeFi technology
Much has been said about the growth of decentralised finance, and its possible long-term implications. However, one of the figures who is betting most on DeFi within the cryptomund is Justin Sun, CEO of TRON. Here are his reasons.
At the Indonesia Blockchain Week 2020, Justin Sun said he believes strongly in the growth of decentralized finance (DeFi). He also remains optimistic about peer-to-peer lending with crypto-currency.
As mentioned in previous publications, decentralized finance loans allow users to lend their crypto assets in exchange for interest returns. The nature of Bitcoin Evolution cryptographic assets allows anyone to lend their assets on different platforms at minimal cost.
Now people can do business with other counterparties just by relying on the mass, and the smart contract platform.
Is the TRON (TRX) uptrend here to stay?
Role of decentralized lenders or decentralized platforms according to Justin Sun
During his speech on the second day of this event, Sun was quite optimistic about the DeFi and the decentralized lenders. For him, this system offers some interesting solutions, which he summarized in two things.
He explained that the first is that „the world of traditional finance is highly regulated, so basically any kind of process is extremely painful. In addition, they are not available 24/7“.
However, if you go to a DeFi platform you can access loans 24/7 and it is not regulated, so you can get whatever you want. „You can borrow, lend, you can pay back the loan, whatever you want. Everything in seconds, which is impossible in a traditional system,“ he said.
Next, the second reason to be optimistic about this market is that „regulation limits all financial services across country borders. In Sun’s words, „With this system of cryptomoney lending, it’s the first time the world is united, operating on the same platform.
He added that, with the development of this sector, people can finally overcome the problem of not having a universal standard to adhere to when seeking or giving loans.
As you can see, these are the reasons why Sun believes that the volume of DeFi on blockchain platforms will increase astronomically in the short term.
Do you agree with its claims? Tell us in the comments.