Andre Cronje: DeFi is more open and transparent than traditional finance, but developers still need to continuously improve it. On August 28, Andre Cronje, director of the Fantom Foundation and current chief technology officer of Sonic Labs (formerly Fantom), published an article on social media titled "Why DeFi?" to explain why he is optimistic about DeFi. AC said in the article: The core of finance has always been to empower idle assets and put idle assets to work. Due to fraud, crime, and an evolving society, it is becoming increasingly difficult to judge whether the person who wants to borrow money is a "respectable person." If a user is new to the traditional financial system, it is also what is called a "thin file" in credit reporting agency terms, which means that there is not enough data to judge credit, which also means that it is unlikely to get a loan, or it will have a horribly high interest rate. But DeFi doesn't care about these, DeFi doesn't judge. According to the system rules, everyone is treated the same, and the rules are open and transparent for everyone to see. The user's home loan was rejected by a traditional bank, and he may not even know why. But if a DeFi loan is rejected, the reason will be clear. In DeFi, users do not need to be accredited investors to participate in this market, do not need to live in New York, do not need to work on Wall Street, and there are no dodgy backroom deals or brokers. What you see is what you get.
DeFi is a core building block of a decentralized society, and it is just the beginning, there is more to do. Developers still have more work to do before key industries in the market are on-chain, free to access, transparent, and open to everyone.