Citibank Called DeFi Innovative and Competitive Assets
Citigroup was one of the last to recognize its management funds with the concept of a fast growing sector of decentralized finances (DeFi). Citibank announced that they arrived in the first quarter, exceeding expectations, which was due to the reduction in the volume of credits and the improvement of the macroeconomic performance.
But for the cryptocurrency supporters, the content of their latest report on the future of money, dedicated to cryptocurrencies, CBDC and DeFi assets, is more interesting. It states plans to open an ecosystem, which defines how to open a financial platform, on which all the projects are found, with an optimized Name Checking Maker (MKR), Compound (COMP), Uniswap (UNI) and UMA (UMA) are called assets that allow them to easily move the capital between the platforms in minutes with minimal fees.
Programmability, transparency, censorship resistance, storage and absence of mediators are advantages mentioned by the bank. The report is reviewed in detail by MakerDAO under the name “Decentral Bank”, a service system that allows one to pay secured loans in stablecoins.
DAI Is a stablecoin cryptocurrency built on Ethereum which aims to keep its value as close as to one USD as possible through an automated system of smart contracts. It is defined as the heart of the DeFi ecosystem, which is one of the oldest and most complex projects in Ethereum. The document also states that the loan rate, the total blocked price of which exceeds $ 9 billion, can be seen as digital pawnshop or the market for a reliable repo for digital assets.
The DeFi sector is growing at a fast pace, first showing itself last summer, when one farm provided people with a four-point advantage. If a year ago the total volume of blocked assets was only $ 730 million, then today this field exceeds $ 100 billion. The market capitalization of the 100 best DeFi coins reached approximately $ 130 billion, although according to CoinGecko, at the beginning of last year it was less than $ 2 billion.
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