CZ noted that the current growth in the DeFi sector is just the beginning.
Chief Executive Officer of Binance Changpeng Zhao has stated that there will be a further DeFi explosion in 2022 and people should expect it. This was contained in his comments to Fortune India about how cryptocurrency will disrupt the financial industry.
According to Zhao, “DeFi saw rapid innovation in 2021, and we will likely see burgeoning interest and innovation in 2022, with SocialFi and GameFi acting as key drivers.”
The crypto billionaire believes that NFTs, P2E games, and metaverses enrich communities and would continue to attract an even greater crowd with interest in more than just cryptocurrency. While the challenges of DeFi projects remain unsolved, Zhao believes that with development will come smart solutions to satisfy the demands of the user community.
DeFi Explosion Is Just Tip of the Iceberg
Zhao noted that the growth in the DeFi sector is just the beginning. With progress in GameFi and SocialFi, and many more tech giants jumping on the train, more can be expected of the ecosystem. Despite the growing adoption of cryptocurrency in the mainstream, global crypto adoption at the end of 2021 was pegged at 5%. However, Zhao expressed his optimism at a greater stride in 2022. He said,” We are optimistic about global crypto adoption jumping from the current 5% to 20% in 2022.
Consequently, Zhao underlines the need for more regulatory clarity. Clear guidelines will help guide and protect new investors as they foray into the volatile world. It will also help prevent projects from being exploited by criminals and malicious actors with ill intent.
Binance have themselves been at the whip’s end of regulations. The company has suffered regulatory setbacks in its quest to bring its subsidiaries to new frontiers and countries across the world. The company has had to stop offering services or change its offering in many countries including China, Canada, the UK, and some parts of the EU. However, in some other countries, the crypto exchange continues to enjoy a warm reception.
India Crypto Industry to Grow
A report by Nasscom suggests that India’s crypto-tech market may hit $241 million by 2030. This could lead to the creation of up to 877,000 jobs. Likewise, the report suggests that the investment by retail investors in crypto will be $15.6 billion by 2030 compared to just $6.6 billion now.
India has traditionally committed resources to science and technology leading to the rise of an internet-savvy generation. Now, the country is set to become a leader in the blockchain and cryptocurrency ecosystem.