Some of DeFi’s biggest players have joined forces to launch a new alliance geared towards advancing education, research and best practices for the emerging industry.
The GoodFi consortium includes Chainlink, Aave, Radix and mStable crypto projects, as well as digital analytics company Messari.
A representative of the coalition told Cointelegraph that GoodFi “enables companies operating in the DeFi space to work together to solve problems facing a wider base, starting with generally“ cryptocurrency sharing ”but building to the mainstream audience. As members of GoodFi, companies can share societal strategies and knowledge to attract new DeFi users .
Their mission is to get 100 million people to put at least $ 1 into DeFi apps by 2025. To achieve this goal, the coalition has prioritized education to help increase awareness of the tool behind DeFi apps.
“The main resource here is not money, but time. Specifically, the time of the people who are in the best place to help the DeFi industry both better understand their target customer, and expand our target market by helping a wider audience understand why DeFi is so good and important to share.” in it “.
Decentralized finance was one of the most noticeable growth stories for cryptocurrencies in 2020, with projects like Chainlink and Aave spearheading the responsibility. LINK is now the ninth largest cryptocurrency in the world with a market capitalization of $ 11.3 billion. Meanwhile, AAVE is in 14th place after year-to-date returns of 500%.
At the time of writing, nearly $ 55 billion has been booked in DeFi projects across a range of apps and use cases.
Although DeFi has not yet enticed a wide audience, early crypto users were drawn to the idea that traditional financial services could be recreated or improved upon when using blockchain technology. For this reason, DeFi is expected to be one of the most important sectors of the industry moving forward.
GoodFi believes that getting people to put $ 1 into DeFi projects is like an early adoption of the internet. “Home delivery is the hardest part,” the Alliance said of the Internet in the 1990s. “With DeFi, convincing users to put in their first US dollar is the hardest step.”