The upward trajectory of digital assets, particularly cryptocurrencies, as an alternative to fiat shows no sign of slowing down. Startups are making history and charting new territory with their innovative and groundbreaking ideas. Decentralized finance (DeFi) is democratizing finance by replacing outdated centralized institutions and legacy infrastructure with peer-to-peer networks.
These systems can provide a full range of financial services, from day-to-day banking, consumer and corporate lending, to complex contractual relationships and asset trading. Blockchain-enabled DeFi is ushering in a new financial system where peers interact directly, with little to no room for traditional intermediation. Following the release of Bitcoin and the pioneering technology it represents, DeFi has emerged as the next step towards an alternative financial framework - the new digital economy.
In theory, the services currently provided by financial institutions can be onboarded into the crypto space through DeFi. While inherently innovative, DeFi still requires users to have an advanced level of knowledge. This has limited the adoption rate, providing an educational barrier for audiences operating outside of the blockchain landscape. In line with this, the growing demand for a wallet that is functional and adaptable across various platforms has not gone unnoticed.
THORWallet DEX is set to become an all-encompassing solution for the needs of both cryptocurrency investors and holders, as well as those less familiar with but actively trying to enter the space. A universal DeFi wallet solution that also offers high returns and investment opportunities is quickly becoming the benchmark for a non-custodial wallet.
DeFi is primed and ready for massive industry growth. The potential applications for these new technologies will undoubtedly go on to spark more progressive innovations. As the more technically-adept Generation Z moves to the forefront, it’s difficult to envisage what heights the industry will reach. As previous generations remain hesitant about DeFi and cryptocurrency investment, opting instead for cashless payments, Generation Z appears much more willing to embrace and adopt DeFi applications.
An appetite for frictionless transactions is evident among newer generations. Having never experienced life without the presence of smartphones or digital technology, Gen Z has been prepared for a life full of increased convenience and gratification. Efficiency is being challenged and redefined as innovators try to stay abreast of rapidly changing trends. Current payment options cannot fulfill the unyielding demands for transaction speed, scalability, and personalized experience.
“Without constant adaptation, businesses will not be able to meet their customer’s new expectations. Designing a system that enhances customer experience with flexible solutions is something that we are executing on,” says Marcel Harmann, Founder and CEO of THORWallet DEX.
When we look at the history of payment systems one key element is prominent: currency evolves to suit our needs. Cowrie shells were used as an early form of money before it was abolished in favor of national currencies. Now that the world has become more intrinsically linked, people are beginning to resent the idea of using different currencies and are leaning towards a decentralized option.
According to a survey published by financial giant Deloitte, society is looking at a five to ten year transitionary period before fiat is replaced by cryptocurrency. The technologies that THORWallet DEX is propagating accelerate the pace of reaching this point by offering a robust ecosystem that puts control back where it belongs - into the user’s hands. Our community can expect to have a wallet that is compatible with most, if not all, cryptocurrencies on the market and those that will soon join the ranks as new cryptocurrencies are being developed every day.
Like any newfangled idea, we have seen critics declare these systems are a bubble that will eventually burst. However, the rate of adoption is becoming more global, with corporations being a significant driver of this trend. With over $96 billion currently invested in DeFi, the industry has the tools to expand, with great promise of strong adoption in retail.
With e-commerce growing at unprecedented rates, digital payment solutions have to race to meet demands. Current trends indicate that the middleman is quickly being cut out of the deal and that manufacturers are able to sell directly to the end consumer. In the future, merchants will likely be a thing of the past, and companies that continue to profit off transaction fees will suffer a mass exodus of clientele.
Digital wallets have given rise to seamless purchasing. As the fiat and DeFi economy continue to go pound-for-pound in earning the top spot, one thing is a surety: we are set to witness and welcome a monumental change to our financial economy for the betterment of humanity globally.