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MyEtherWallet CEO: DeFi is Too ‘Noisy’

In a recent interview with crypto media outlet Cointelegraph, the CEO and founder of MyEtherWallet, Kosala Hemachandra mentioned,

“DeFi is the new overhyped concept in Ethereum. The noise is too much, so everyone is just like running around trying to figure out what the next big thing is and then putting a ton of money inside without doing enough research.”

Earlier in 2019, DeFi probably brought to mind various notions than what we witness today. At its core, DeFi existed as a means for individuals to borrow, loan and store funds based on their virtual currency holdings. Nevertheless, this year, decentralized finance has swollen, prompting projects created out of nowhere, acquiring noteworthy consideration while opportunists move their funds around in hunt of the top yield on token price conjecture and interest-bearing instruments.

Hemachandra mentioned,

“That’s the main cause of the Ethereum gas price issue, as of right no.”

Nevertheless, he emphasized that the existing state is a prospect for the industry to scale up to the trial and improve solutions around Ethereum blockchain, explaining that pressure can offshoot progress. 

Overall, the digital asset domain’s DeFi niche has reached feverish standing within the virtual currency industry, beckoned by high-spirited price highs and widespread postulation.

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