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DeFi Migrates to Centralized Platforms – Opinion

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DeFi Migrates to Centralized Platforms - Opinion

DeFi Migrates to Centralized Platforms – Opinion
CONTENT

  • Udi Wertheimer Speaks On Funky Crypto Podcast

  • Wertheimer blames DeFi projects for falling ETH

  • He believes DeFi is migrating to centralized platforms

International consortium of news organizations developing transparency standards.

Independent developer and consultant Udi Wertheimer is confident that DeFi projects will move from the Ethereum blockchain to centralized platforms

Wertheimer discussed the dip in cryptocurrency markets while guest-appearing on the Funky Crypto Podcast with retired MMA fighter Ben Askren and Chief Evangelist of the Litecoin Foundation John Kim. He noted that ETH, locked in protocols, is tied to leverage and is to blame for the coin’s recent plunge..

There is no reason whatsoever you’d need Ethereum to “yield farm”

DeFi Migrates to Centralized Platforms - Opinion

These projects are centralized anyway, using Ethereum is just overhead

Yield farming will move to fully centralized platforms

Few understand https://t.co/hD658Pu1gs

– Udi Wertheimer (@udiWertheimer) September 6, 2020

Nothing is decentralized about DeFi

Wertheimer is not only a software developer, but also a well-known critic of Ethereum. He has poured unflattering comments on the platform many times for slow transaction processing, high fees and inconvenient MetaMask. At the same time, he speaks very well of the co-founders of the project, Vitalik Buterin and Joe Lubin. Wertheimer suggested that in fact DeFiDecentralized finance (DeFi) is financial services built on blockchain technology that offer users access to an open, efficient and … More does not need Ethereum:

In my opinion, all this is DeFi, the so-called decentralized finance.In fact, they have nothing to do with decentralization, because there is always someone behind them who controls the whole project. The last example is the SUSHI story … They issued a token As the use of cryptocurrencies grows, new types of tokens are emerging. They can represent value or something intangible like voices. Two … More, but the actual project may not even exist at all. At least it is definitely not decentralized. Someone controls all these projects.

Funky Crypto Podcast EP: 38 Livestream: @udiWertheimer Bitcoin, Ethereum, Defi, Master Troll, Adversarial Thinker, Developer / Engineer. #Bitcoin #crypto #defi #Ethereum https://t.co/PZkJbIESDx

– Funky (@Benaskren) September 7, 2020

He also mentioned yearn.finance (YFI), soared above the $ 30,000 mark and then plummeted by a third. Wertheimer believes that the project is interesting, but it also depends on someone’s will. In this case, the will of André Cronier. On a podcast, Wertheimer predicted DeFi won’t stay on Ethereum for long.

“They will leave Ethereum to survive. Centralized platforms are faster and cheaper. And you do not lose anything, because everything is already decentralized … Although what is invested in this concept is a moot point. “.

DeFi Migrates to Centralized Platforms - Opinion

The head of Block.One also believes that Ehereum will lose its attractiveness for DeFi projects. In doing so, he is confident that they will move to other blockchains such as EOS. As a reminder, Block.One is the developer of the EOS ecosystem

Delight has passed

Wertheimer is so frustrated with the DeFi industry that he is no longer in awe of blockchain technology. He noted that although the use of Bitcoin brings financial and economic benefits, it is not as beautiful blockchain as it is supposed to be..

“I just don’t think blockchain technology has many uses, if any. In most cases, it is unnecessary and inconvenient … DeFi is one example. Why are they using blockchain at all? He only slows down everything. And it makes it more expensive. In general, I think that all applications using the blockchain will eventually leave it. “.

At the same time, according to Wertheimer, blockchain is good for creating digital assets that are not controlled by anyone, such as Bitcoin..

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