NEO creator Da Hongfei suggested that the DeFi craze is just beginning and could replace the traditional banking sector. He said that the decentralized finance world has achieved the improvements traditional finance has built over the centuries in a very short time.
Neo founder Da Hongfei argued in a live broadcast with China’s Hub that he does not think the decentralized finance (DeFi) world is a short-term trend and that the interest in DeFi projects is at the very beginning. In his statements, he said that the maturation process of the traditional financial sector takes hundreds of years. Stating that the DeFi industry is traveling much faster, Da stated that more financial products and services are offered to DeFi users every day.
During the live broadcast, arguing that the infrastructure of the DeFi sector is solid and a good start has been made; “Now is the time to develop more DeFi-based applications,” he underlined his belief in the DeFi industry.
DeFi Will Determine the Future Finance World; It Will Replace Banking
Da Hongfei said that the decentralized finance world has already implemented many innovative applications as well as traditional finance practices such as borrowing or insurance. For example, thanks to DeFi, people can create a new type of asset and access cash whenever they want. Considering that such innovative ideas will lead the financial world of the future, Da says that DeFi can replace banks.
Claiming that people will not need banks thanks to DeFi, Da cites China as the biggest example of this. Da, by taking care of Chinese citizens’ business without going to the bank, through applications such as Alipay and WeChat; He said that they displayed a financial attitude in this direction.