Decentralized finance continues to grow and develop despite the winterly winds blowing through the crypto space. As more and more users are turning to this sector for their investments, especially after the colossal events surrounding some of the biggest centralized exchanges lately, it is interesting to see what the future holds for DeFi.
According to UNO.farm founder Roman Vinogradov, DeFi will only grow and develop. The path for mainstream adoption will be clear as soon as the current crypto winter is over. Check out his thoughts in the interview below.
Q: What is still deterring users from switching to DeFi instead of using centralized exchanges?
Complexity. For most users, it’s just way too complicated and scary. That’s why at UNO.farm, we try to simplify DeFi for users. I believe we’ve built one of the easiest points of access to DeFi yields, and we continue dedicating ourselves to making things simpler while making the risks more transparent.
Q: How can DeFi become safer?
A knife only becomes safer once those who use it develop the skills for it and an understanding of its dangers. But the protocols themselves also become safer over time as the industry evolves. The uniqueness of DeFi is that the same vulnerability is rarely exploited again and again because the industry is very transparent and based on open-source code. Hence, every project gets to learn from the mistakes of others. This allows the security of DeFi protocols to evolve much faster than that of traditional systems.
Q: What, to you, is the most exciting aspect of decentralized finance?
Cryptocurrency democratizes money, and DeFi democratizes complex financial interactions between users. Not only can you now exchange crypto without any centralized service, but you can also be a liquidity provider on such markets and earn trading fees. Isn’t that exciting? You can put your money at real work without any intermediaries or censorship.
Who is Roman Vinogradov?
UNO.farm is just the latest project from Roman Vinogradov. He has extensive experience in the crypto space and is actually among the first Bitcoin miners, starting all the way back in 2011.
Q: How did you get started in crypto, and what pushed you to choose DeFi?
I mined Bitcoin on my balcony in 2011, and back then, I was the first one in my circles to start talking about crypto. I taught people at meetups, and personally, it was fun until I sold everything in 2012 during my first crypto winter. I later returned to the space as a blockchain developer, so when DeFi appeared, it was my professional duty to figure out how it works. And when I did, I was amazed by how revolutionary it is. I still am.
Q: You have a lot of experience with smart contracts. What has to change to make smart contracts safer and better suited for global use in the financial industry?
I believe the blockchains themselves are already fit for safety. With billions of daily trading volume on DEXs, DeFi is already in global use in the finance sector. What has to change is scalability. That’s why we have so many Layer-2 solutions. And, of course, education.
Q: Can products like UNO.farm become mainstream financial tools? Or is it too early for that level of adoption?
I believe it’s not too early. Products like ours make it easier for people to access DeFi, and because people can earn with DeFi, they are actually incentivized to learn about it and start using it. As soon as the winter is over, all DeFi tools will continue their way toward mainstream adoption.
What does the future hold?
No one can see into the future, but people who are heavily involved in a given industry have a much clearer picture. As a DeFi expert, Roman Vinogradov has some insights to share about where the sector is headed.
Q: How do you see the future of DeFi? What needs to happen before DeFi is globally adopted?
I see most financially literate people using it, and it’s a matter of just a few years. The security of the protocols will evolve further, and we will see fewer and less significant hacks. The profitability will stabilize as the industry matures with risk-hedging tools and with more participants in DeFi. Global adoption will happen by itself and very soon.
Q: What are your goals for the next five years as the founder of UNO.farm?
My goal is to help DeFi adoption, improve the existing tools where I can, and build cool stuff from which everyone will benefit.
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