For us who use Decentralized Finance (DeFi) as a common term, we know it represents an enormous shift in how we transact with one another: borrowing money, exchanging currencies, how we view insurance, etc. While total assets involved in DeFi still seem to be increasing right now, there are various factors that will prevent us from growing further.
DeFi’s largest barriers for adoption
Interoperability — Right now Ethereum gas fees seem like they are always increasing and ETH 2.0 may still be 6 months or more away. We need the ability to make DeFi more accessible to individuals who can’t afford high gas prices per transaction and start including native blockchain assets that are stranded on other platforms
What about doing business outside of crypto?
Ultimately, DeFi doesn’t keep going unless we create methods for non-crypto native businesses to integrate. While the community might approve sending crypto to each other without a safety in place, this will never work for 99% of online marketplaces.
So we need:
1. DeFi options on lower cost platforms
2. Trading across blockchains
3. Safer Transactions
4. More flexibility for peer to peer transactions
5. Easier methods for online marketplaces to integrate and use crypto
This is why we created OVERWORLD.
OVERWORLD is a brainchild of over 3 years of working in fintech digital escrow payments + love for native DeFi. Adding our cumulative 13 years of traditional financial services, 6 years of eCommerce marketing, 4 years of Ethereum blockchain development, we think this will be one of the most important next steps in DeFi.
