DeFi
Decentralized Finance (DeFi) Market to Surpass USD 48.02
Skyquest Technology
Decentralized Finance (DeFi) Market Size, Share, Growth Analysis, By Component (Blockchain Technology, Decentralized Applications (dApps) and Smart Contracts), By Application (Data & Analytics, Decentralized Exchanges, Payments, Stablecoins), By Industry (BFSI, Government, Healthcare, Media), by Region – Industry Forecast 2024-2031
Decentralized Finance (DeFi) Market [https://www.skyquestt.com/report/decentralized-finance-market] size was valued at 22 Billion USD in 2022, to 23.99 Billion USD in 2023 and is expected to grow to 48.02 Billion USD by 2031, growing at a CAGR of 9.06% during the forecast period (2024 -2031).
Decentralized finance (DeFi) refers to the use of decentralized technologies such as blockchain to offer financial services. The growing focus on improving security and transparency in the financial sector is expected to help promote demand for decentralized finance (DeFi) in the coming years. The high penetration of blockchain technology in the BFSI sector presents bright prospects for market growth.
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The rapid digitalization of the banking and financial sector has set the tone for decentralized finance (DeFi) providers. Growing investments in the development of new DeFi platforms and tools are also expected to increase the overall development of the decentralized finance (DeFi) market in the future. Decentralized finance (DeFi) companies can specifically focus on including cryptocurrencies to maximize their long-term business potential. Decentralized finance (DeFi) market players will need to work closely with regulators and governments to help the decentralized finance market reach its full potential throughout the forecast period and beyond.
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Diversification of decentralized finance (DeFi) activities is crucial to improve revenue generation
Decentralized finance companies are investing in the development and launch of new DeFi platforms and applications to improve their market presence. Tokenization and cryptocurrencies are two major trends that could help decentralized finance market players generate new business. Advances in blockchain technology are also believed to crucially govern the future of decentralized finance (DeFi) businesses. Launching new lending platforms and services to promote the popularity of decentralized finance in the future could also be a popular strategy for DeFi companies looking to maximize their market share. Digital banks and traditional banks are expected to be the major organizations that will complement the growth of the decentralized finance (DeFi) market. Collaborations and partnerships will also play a crucial role in helping decentralized finance (DeFi) providers launch new innovative DeFi solutions and platforms in the future.
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Maple Finance, a leading loan provider based on the ideology of decentralized finance, announced the launch of a new protocol to provide institutional loans in May 2024. The new protocol is called Syrup and offers users unauthorized access to institutional loans.
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In April 2024, Zima Bank introduced its decentralized hybrid financial services. Zima’s new platform combines traditional cryptocurrency and fiat transactions, making it easier for users to transact within the decentralized finance ecosystem.
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In an industry first, LAVA, a decentralized lending platform, announced that it had found a way to mitigate fleeting losses in the DeFi space in March 2024. The key objective behind this was to enable people to easily lend or borrow assets or money easily so that LAVA can use these investments as collateral for loans.
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The parent of USDC, i.e. Circle, has engaged in a collaboration with TBD to launch a new organization in October 2023. The key objective of this partnership is to develop and promote standards of accreditation and decentralized identities.
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The rapid evolution of the BFSI sector and the increasing adoption of blockchain in this sector is expected to be vital for the growth of the decentralized finance (DeFi) market. New companies should target the development of new DeFi platforms and established decentralized finance (DeFi) providers should focus on expanding their business scope by offering new decentralized financial services in the future.
Related report:
Blockchain Market [https://www.skyquestt.com/report/blockchain-market]
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