Allied Market Research published a report, titled, "Decentralized Finance Market by Component (Blockchain Technology, Decentralized Applications (D-Apps), and Smart Contracts), Application (Assets Tokenization, Compliance, and Identity, Marketplaces and Liquidity, Payments, Data and Analytics, and Others (Stablecoins, Prediction Industry, Decentralized Exchanges)): Global Opportunity Analysis and Industry Forecast, 2022–2032." According to the report, the global decentralized finance industry generated $13.8 billion in 2022 and is anticipated to generate $497.9 billion by 2032, witnessing a CAGR of 43.4% from 2023 to 2032.
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DeFi, or Decentralized Finance, is a term and ecosystem that refers to the use of blockchain technologies and smart contracts to develop and improve decentralized financial systems. The goal of DeFi is to provide transparent, open, and permissionless financial services that do not require the involvement of banks or financial institutions.
DeFi transactions and services take place on decentralized platforms. Most DeFi platforms are based on blockchain networks, such as Ethereum. DeFi platforms provide a wide range of financial services, such as lending, borrowing, selling, managing assets, providing insurance, and running decentralized exchanges.
Prime Determinants of Growth
The global decentralized finance market growth is attributed to factors such as an increase in spending on blockchain technology, an increase in the adoption of digitized financial services, and high access to unbanked people. On the other hand, interoperability issues between different DeFi platforms, and data privacy and regulatory concerns may restrict market growth. Moreover, a rise in innovation in financial products and services is expected to offer remunerative opportunities for the expansion of the global decentralized finance market.
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