To recap, decentralised finance is an alternative to banking services, access to which does not require different procedures such as proof of identity or indication of income sources. Such platforms are based on smart contracts, which means that their users will be treated the same by default, regardless of their country of residence, salary and position.

To work with such platforms, all you need is a blockchain wallet and a certain amount of cryptocurrency on it. According to Chainlink’s founder, this niche will soon become even more popular.

A major trend in the cryptocurrency world

Here is one of Nazarov’s quotes in which the entrepreneur shares his attitude towards the world of cryptocurrencies. The quote was published by Decrypt.

I expect a number of things to be implemented in the form of DeFi services through your bank – similar to buying NFT through an existing marketplace or some actual Web 2.0 level toolkit.

And so the expert suggests that it will soon be possible to interact with the now popular blockchain-based platforms through more traditional bank-like systems. And this will be justified by the fact that the traditional world of finance will not want to lose users, and with it, some profits.

Sergey Nazarov, co-founder of Chainlink

In short – 2022 may be the year of global adoption of different DeFi products on a large scale by big investors. So far, decentralised finance has revolutionised, but only within the crypto industry itself. For ordinary users whose horizons are limited to traditional banking, DeFi remains an understudied phenomenon. However, it will all go through a dramatic change soon, the expert believes.

I think that in 2022 the world will learn about the existence of such a large market as decentralised finance after all.

We don’t even have to look back to 2022 for new records: DeFi is already showing good results. According to DeFi Pulse, the amount of blocked funds (TVL) in various DeFi protocols reached $113 billion the day before. This is an increase of 26 billion from the beginning of the year.

TVL volume in DeFi

According to Nazarov, part of this huge increase in TVL can be attributed to the activity of PayPal. That company announced earlier this year that it could buy and sell digital assets on its platform.

If PayPal has decided to do business with cryptocurrencies and even trade them, why do you think users won’t eventually want to join the DeFi revolution?

It’s not just PayPal that’s working on cryptocurrency integration – support for MetaMask and WalletConnect wallets could soon appear on the well-known social platform Discord. The announcement was made by its head Jason Citron, although some of the service’s users did not like the innovation. Now some of them are threatening to cancel their paid Nitro subscriptions on the $4.99 per month platform.

Screenshot of Discord CEO from Twitter testing cryptocurrency support

Critics believe that integrating crypto into Discord will only harm the service’s image, as digital assets and the now popular NFT are allegedly hugely damaging to the environment and also used for money laundering. Here’s what Twitter user Olivia Wertheimer said on the matter

The introduction of NFTs in Discord will ruin the image of the platform and drop Nitro subscriptions. NFTs are detrimental to the environment and are mainly used for tax evasion and money laundering. The whole thing is a big financial pyramid scheme. Discord should not get involved in it.

We think such claims are ridiculous. Especially since the NFT and decentralized finance niche is gradually shifting to blockchains like Solana and Avalanche, which are based on the Proof-of-Stake consensus algorithm. Consequently, they do not require video cards and high power costs.

On the other hand, many users of the gaming community also see this move as the right strategy. Here, for example, is username Bryce-NFT’s response to a previous comment.

You really just called the NFT sphere without solid evidence. Don’t comment on anything if you have no idea about the industry.

Cryptocurrency aficionado leaves the bank


We believe that the prospects for the decentralised finance industry are indeed much broader than they are now. Projects like this have the potential to pull in huge numbers of users, who are sure to be attracted by equal treatment, 24/7 services and inclusivity, i.e. accessibility for all people.

What do you think about it? Share your opinion in our Millionaire Crypto Chat. There, we’ll talk about other topics that affect the world of decentralised assets.