The decentralized financial industry is plagued with hacks, so people are less interested in participation in DeFi, but according to Dennis Jarvis, CEO of Bitcoin.com, Bitcoin offers a way to advance DeFi acceptance.
Dennis Jarvis explains why Solving the #DEFI onboarding crisis is important#Stagnation won't help anybody & ALL need to contribute@ogcryptoskier @bitcoincom #Web3 #NFT #NFTs #Metaverse #Cryptos #bitcoin #BTC #Ethereum #ETH #altcoins #Cryptocurency #DeFiChain #BEDubai2022 pic.twitter.com/aaAaqR8lSs
— Crypto Tuitions (@Crypto_Tuitions) October 6, 2022
Jarvis observed this during his keynote speech at the Blockchain Economy Dubai Summit 2022. He said DeFi is now undesirable to potential investors due to Terra’s failure and the Axie Infinity Ronin hack. However, due to DeFi’s deteriorating image, its CEO is confident it will be able to overcome its onboarding problem.
How Does Jarvis Envision Defi Solving the Crisis?
After consumers receive their first Bitcoin, the team has the opportunity to convert some of it into assets, such as Avalanche’s or other assets, using a decentralized exchange. According to Jarvis, this will ultimately lead to Bitcoin users adopting decentralized apps and continuing their DeFi journey.
This week at the Blockcahin Economy Dubai Summit https://t.co/H6z5iTXy68 CEO Dennis Jarvis @ogcryptoskier will be speaking about DeFi onboarding and the upcoming $VERSE token launch. https://t.co/Qw9PDjoe7M
— Bitcoin.com (@BitcoinCom) October 2, 2022
After being asked why Bitcoin.com, which is closely associated with Bitcoin and Bitcoin Cash, is entering the DeFi market, the CEO stated that Bitcoin.com believes in a multi-chain future and is working to enhance its products.
According to him, infinite possibilities and functionalities are available in different DeFi architectures that are emerging everywhere, and we strongly believe that multichain is the future of cryptocurrency.
In light of this faith in a multichain future, the CEO described the company as having an excellent chance of staying afloat. He said that it aims to enable DeFi participation for its consumers.
When questioned about Bitcoin maximalists who don’t support DeFi or other goods outside Bitcoin, the CEO said that being a maximalist may have to do with concerns about scams. Jarvis concluded by saying the team is happy to help those who believe Bitcoin is the only genuine currency.