Decentralized Finance (DeFi) has recorded monumental growth in 2020. Since mid-year, the appreciation in the price of DeFi assets has accelerated while speculation taking place in DeFi sharply spiked. The activity taking place on DeFi protocols is showing no signs of slowing down. In September 2020, trading volume on decentralized exchanges (DEXs) exceeded $22 billion.
DEXs account for a significant share of the trading volume in DeFi assets. Trading volume on these exchanges has grown rapidly over recent months with only $1.5 billion being traded a few months ago in June. To date, speculation on DEXs has mostly been carried out by sophisticated advocates of cryptocurrencies. DeFi analysts have admitted that the hype is limited to hardcore enthusiasts and large Ethereum holders. The wider retail market and sophisticated investors have yet to enter.
A common friction point is the difficulty to use DEX exchanges. The decentralized technologies underpinning these marketplaces make DEXs difficult to use and deter most market participants. Users often have to figure out how to integrate third-party wallets with the exchanges and pay the transaction fees to move funds on the Ethereum network. By integrating DEXs in an all-in-one cryptocurrency trading platform, Zenfuse eradicates the difficulty of using DEXs and will thereby facilitate greater adoption of DeFi.
A harsh reality of product adoption is that user experience needs to be extremely straightforward and simple. Users have no patience for products that require effort to understand. DeFi has succeeded in motivating some to spend the time to understand the intricacies of DEXs. However, this is simply because there are huge monetary incentives for those who can effectively navigate these marketplaces.
Zenfuse provides an integrated marketplace for cryptocurrency trading. Users can connect with DEXs and centralized exchanges (CEXs) alike and manage all of their trading activity from a single interface. By removing the complexity associated with setting up DEX accounts and third-party wallets, Zenfuse will pave the way for greater DeFi adoption.
Speculators who previously met obstacles in DeFi can return to this growing market with the simplicity of the Zenfuse interface. Retail traders that may have never considered DeFi speculation will also have the entire DeFi ecosystem at their disposal. Zenfuse is revolutionizing how retail traders speculate and DeFi is an intricate part of this. Every Zenfuse user will have the option to participate in the DeFi marketplace without any of the issues that oftentimes come with using DEXs.
