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Despite billions in onchain TVL and major advances in wallets, interoperability, and blockchain performance, DeFi has barely begun to reach its addressable user base. CEXs, by contrast, are rapidly growing their users and assets- and not because they are better but because they are more convenient.
Apps like Infinex, Defi App and Definitive hint at what a more seamless onchain experience could look like. Cheaper fees, smaller spreads, access to more assets and yields, etc.
But as long as fiat onramps remain slow, expensive, and failure-prone, DeFi will remain a niche product for crypto-native users.
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* Bankless team holds crypto assets and advise crypto projects. Defi App is included in our disclosures. See our complete investment disclosures here
