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Binance CEO Changpeng Zhao Makes 10-Year Prediction for Decentralized Finance (DeFi)


dailyhodl.com 02 July 2022 14:45, UTC
  
Reading time: ~2 m

The chief executive of the world’s largest crypto exchange by trading volume predicts that decentralized finance (DeFi) and decentralized exchange platforms (DEXes) will outshine their centralized counterparts in the long term.

In a new interview on the Bankless YouTube channel, Binance CEO Changpeng Zhao predicts that in 10 years, decentralized blockchain projects will tower above centralized finance (CeFi) and centralized exchanges (CEXes).

“I think in five or 10 years, decentralized exchanges will be bigger than centralized exchanges… I would say maximum, in 10 years, DEXes [and] DeFi are going to be bigger than CeFi.”

Zhao also says that even though he believes centralized crypto protocols will eventually be outdone by decentralized ones, he still believes in a future where they can co-exist as many people will still prefer the conventional methods of accessing their accounts.

“I think it would take a long time for the centralized exchanges to go to zero, but I think it will take five [or] 10 years [before] DeFi is going to be bigger than centralized ones, but the centralized ones will continue to play a role for many decades to come.

I think because there are still many people who are much more comfortable using an email and password. If you ask my parents’ generation, they would much prefer [email and password] instead of using a USB stick to do encrypted backups of their private keys in a distributed manner…

I think the technology will improve to a point where the decentralized stuff will be much more usable. It’s actually easier to use because you don’t have to do KYC [know-your-customer regulations]. You don’t have to do all of these very tedious processes. You can have on your own control of your wallet.”

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