While crypto assets are rising in popularity globally, sceptics doubt their real-world value and utility. Policymakers worldwide, in spite of increased pressure, remain cautious in their approach to regulation. With such barriers to accepting crypto assets, it is still a popular notion to view crypto assets as speculative assets for risk-seeking traders.
Despite these roadblocks, crypto assets hold high potential to become an integral part of our day-to-day life. Granted, the crypto assets industry is still in its infancy, but the demand for crypto assets across multiple sectors continues to grow. According to Chainalysis index, the global number of crypto wallet holders has increased by 45 per cent since the start of the pandemic, to an estimated 66 million users. There are now several notable use cases for crypto assets that many users can take advantage of.
Firstly, Decentralized Finance, better known as DeFi, is a blockchain-based alternative to the traditional financial system that requires no intermediaries such as banks and other financial institutions. At its core, DeFi allows individuals to use their crypto assets in all manner of financial transactions the same way they would physical assets. Examples of DeFi activities include using crypto asset holdings as collateral for no-fixed-term loans and earning fees for providing the liquidity that facilitates trading. With the popularity of DeFi services exponentially growing, the total value locked (TVL) has increased from US$20 billion to US$101 billion in the past year alone. The opportunities for yield will only continue to expand.
This story is from the December 2021 edition of Prestige Singapore.
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This story is from the December 2021 edition of Prestige Singapore.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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