Will Recent Events Involving Retail Investors and Wall Street Catapult DeFi to Mainstream Adoption?

Will recent events involving the Reddit Group Wallstreetbets, GameStop Stock (GME), and Wall Street help decentralized finance gain mass adoption?

What’s Holding DeFi Back?

The high learning curve has proved to be a significant challenge for many new investors entering this space. There are several technical and usability concerns as well. First, smart contracts haven’t been refined to a point where they are foolproof. When codes fail or don’t work properly, self-executing contracts leave the entire network exposed. In addition, completed transactions (fraudulent or not) cannot be reversed, leaving victims holding the bag. That said, with the current technology, there are several facets on the application layer of DeFi that can be improved.

Intuitive Interfaces

DeFi has many intricacies that are complex enough for the regular investor. As a result, DeFi products should be developed with an user-friendly interface in mind. Previous DApps were good at demonstrating the thrilling possibilities of DeFi. However, their usability left a lot to be desired due to a high learning curve. Unlike centralized finance, DeFi should eliminate financial jargon and provide an open platform for all. Therefore, a more accessible user interface will make DeFi more attractive among a growing cadre of people.

Accessible to All Demographics

Attracting different kinds of investors is certainly a significant step towards DeFi adoption. Patrick Rawson, a co-founder at DAO engineering, thinks that the current UX in DeFi is tailored to a very specific demographic. According to him, the profile of an ‘average user’ is a male aged 20–25, who wants to earn profit and to be more technically savvy than his parents or elders. Members of this group are going to demand whatever makes them a high profit.

It’s time to pay attention to a different profile of users. Let’s say an older female with a family, lives in Sub-Saharan Africa, not technically savvy. Will this person dream of being rich, no matter what? No. We don’t think so. Perhaps she is more interested in the well-being of the family and the environment around her. She wants a DeFi platform that benefits her local community, rather than a DeFi that optimizes profit at all costs.

To make progress, DeFi should be adapted to “localized institutional structures that reflect local values.”

Transaction Speed and Fees

As more DeFi platforms are built on top of Ethereum, the network becomes congested and transaction speeds slow down. At the same time, transaction fees becomes higher as well. Metaverse ETP is another alternative network that Gene Finance is looking to integrate with as Metaverse looks to release their mainnet soon, read more. The Metaverse architecture features much lower fees with the same great features.

Gene Finance: One-Stop-Shop for Everything DeFi

The innate attraction of DeFi is characterized by having custody over personal assets and data, low entry costs, and the ability to earn passive income. Gene Finance is one platform that takes the key considerations from above into account when developing its own platform. Some features that the core development team is working on enhance include:

- Enhancing UI on the Swap page so investors can see the transaction history as they trade.
- Upgrading tabs switching from Swap to Farms.
- Adding an Analytics page for greater transparency

The DeFi movement is still not yet at its peak. Currently, applications in this niche are significantly far from mass adoption in comparison with centralized finance. To further grow this industry, decentralized finance products must be accessible by less-tech savvy users and increased awareness for people seeking an alternative to manage their finances.

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To learn more about Gene Finance, and stay updated on the latest developments:

Interoperable DeFi Liquidity Pool Platform $GENE Discord Channel: http://discord.gg/xCs7Ehy