Despite being touted as the possible panacea, decentralized finance (defi) still faces obstacles which greatly diminish the prospects of mainstream adoption, asserts serial entrepreneur and CEO of Radix DLT, Piers Ridyard. Ridyard added that while defi is seen as “a fantastic proof of concept,” widespread adoption of this alternative to traditional finance is only possible when the developer and user experience is improved.
Developer Incentives and Mass Adoption of Defi
Besides improving developer and user experience, the Radix CEO told Bitcoin.com News that the provision of ongoing and sustainable support to developers ensures “you [don’t] end up with a ghost chain.” Ridyard, a YC Alumni, also shared thoughts on how defi and Web3’s scaling woes can be overcome.
Ridyard further discussed Coinbase’s attempt to bolster developers with its recently launched layer 2 (L2) blockchain and why this is unlikely to result in the envisaged mass adoption of defi. Below are the CEO’s answers to questions which were sent to Bitcoin.com News via Whatsapp.
Bitcoin.com News (BCN): What do you think are the biggest obstacles facing defi today?
Piers Ridyard (PR): There are two major obstacles. Firstly, the user experience of Defi is completely unacceptable for the everyday person. Secondly, the developer experience is so difficult that very few developers actually get to the level of being able to create secure smart contracts.
That makes Defi today a fantastic proof of concept. As seen in Defi summer, there is no shortage of innovative ideas that provide real benefits to users and capital. It’s still very much a proof of concept though. Week after week, headlines of multi-million dollar exploits of Dapps hit the news.
A quick search on Twitter will show examples of experienced users having their wallets drained because they have to blind-sign transactions. And if you’ve ever tried to onboard a friend or family member to crypto/Defi, I don’t have to tell you that things like seed phrases are far from something the majority of humans will be comfortable using to secure their net worth.
Just with all good proofs-of-concept, we can see clearly how it can work, but it’s far from ready for mass adoption. The biggest obstacle for Defi is taking this proof-of-concept and creating an experience for the developers, entrepreneurs, and their users that gives them confidence when engaging with the Defi ecosystem. To do that, we need both a developer…
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