The Rise of Decentralized Finance: A Collaborative Effort by Top DeFi Projects
A group of over 30 leading decentralized financial protocols have come together to demonstrate the benefits of DeFi for 24 hours. The participating projects, which include Balancer Labs, Aura Finance, Euler, Yearn, Element, SushiSwap, Aave, and MakerDAO,, are showcasing the interoperable nature of Web3 by sharing tweets from other protocols and highlighting the trustless nature of DeFi.
This collaborative effort is a celebration of how DeFi can thrive when protocols can work together and create better user experiences. DeFi differs from traditional finance as it is open, permissionless, and composable. The recent crashes in centralized finance have further highlighted the advantages of DeFi, which is governed by smart contracts and open-source code.
Building the Future of DeFi Together
“The campaign highlights the difference between DeFi and traditional finance systems and serves as a reminder of DeFi's strengths,” Yearn CMO Draper said.
Mamun Rashid, CMO of GrowthCU at Maker, added that “the campaign demonstrates the inclusiveness and collaboration within the DeFi community and the shared belief in making a positive change through decentralized finance.”
https://twitter.com/Balancer/status/1622611178534109184?cxt=HHwWgIDUkaOR1oQtAAAA&embedable=true
Jared Grey, Head Chef at Sushi, emphasized the importance of replacing the traditional financial framework with DeFi and the need for the industry to remain true to its mission of serving everyone. Fernando Martinelli, CEO of Balancer Labs, highlighted that social change is key to driving DeFi into the mainstream and that no project can complete this mission alone.
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Image credits: Shubham's Web3.