{"id":473387,"date":"2021-10-10T17:14:48","date_gmt":"2021-10-10T17:14:48","guid":{"rendered":"https:\/\/wncen.com\/?p=473387"},"modified":"2021-10-10T17:15:28","modified_gmt":"2021-10-10T17:15:28","slug":"financial-industry-professionals-agree-that-future-of-defi-requires-cross-chain-interoperability-and-seamless-liquidity-transfer-services","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/company\/financial-industry-professionals-agree-that-future-of-defi-requires-cross-chain-interoperability-and-seamless-liquidity-transfer-services\/","title":{"rendered":"Financial Industry Professionals Agree That Future of DeFi Requires Cross-Chain Interoperability and Seamless Liquidity Transfer Services"},"content":{"rendered":"
The decentralized finance (DeFi) ecosystem has grown exponentially during the past few years. Beginning with the launch of Ethereum (ETH) in mid-2015, application developers across the globe began to write smart contracts to support a wide range of decentralized applications (dApps). A few years later, other platforms such as EOS and TRON launched their mainnets during mid-2018.<\/p>\n
Before their launch, the historic bull market of 2017 brought a lot of attention to the space, which was mostly a niche market. At that time, the market saw Bitcoin surge from around $1,000 in January to nearly $20,000 by December 2017 and the Ethereum (ETH) price skyrocketed from just $10 to briefly over $1,400. Although there was a very strong correction afterwards, many more individuals and organizations became aware of the potential of crypto.<\/p>\n
As more users attempted to transact across blockchain networks, it became clear that distributed ledger technology (DLT) networks were just not able to settle transactions as quickly as high-performing networks like Visa (NYSE: V) or Mastercard (NYSE: MA). Although blockchain platforms are fundamentally different from more traditional payment processing networks, both need to offer a seamless user experience.<\/p>\n
Visa Executive Identifies Requirement for Digital Currency Interoperability<\/h3>\n
That\u2019s why the crypto and blockchain space is witnessing many new projects emerge that can address scalability requirements. In addition to being able to handle a large number of transactions, blockchain networks also need to be interoperable with each other. This means that if a user is transacting with a set of tokens on one DLT network, then they should also be able to engage in asset transfers with other DLT platforms in a seamless manner.<\/p>\n