According to comments by Yoni Assia, founder and CEO of eToro financial platform, DeFi failed to catch up eight years ago.
“I think DeFi is very interesting,” said Asia on October 6 during a panel discussion on cryptocurrencies and venture capital investments at the Blockchain Summit in Los Angeles.
“We actually created a decentralized exchange in 2012 based on the color currency protocol we developed on eToro, which coded assets on top of the Bitcoin network, so it was too early to start thinking about coding.”
Ethereum has established itself as one of the primary networks for decentralized applications. However, the Ethereum blockchain didn’t emerge until 2015, so former innovators moved to other networks using the industry’s first network, Bitcoin.
“We have already established a nuclear exchange on top of Bitcoin,” Asia said. “ Waiting eight to 15 minutes for the exchange to actually take place, and the lack of real hard coins and real assets in the Bitcoin network made it too early.
Back in 2012, the crypto space provided only a small fraction of the utility, asset, blockchain, and toolkit now available eight years later. EToro seems to have a great idea, but it was too early.
Asia also said that from now on it maintains a positive vision of DeFi’s future, in part because it can simplify the traditional economy while providing transparency and speed.
Gigantic growth continues in the DeFi space today as speculators invest capital in the latest profit opportunities.