Sberbank Is Going To Launch DeFi Platform by May
Russia’s biggest bank Sberbank pays close attention to cryptocurrency and blockchain, and how things start to change. Now Sberbank plans to introduce DeFi platform on Ethereum by May. So what is your reaction to this? Happy, sad, or confused?
They want to build the Russian DeFi ecosystem and make it the top Decentralized Finance (DeFi) system. They are going to build this DeFi on Ethereum. According to the plan, they will go for testing by Mar. 1, 2023. And beta testing is happening by the rules governing financial transactions.
They will pay close attention to everything to make sure they can fix every issue. They will get feedback to make it better. MetaMask and Coinbase wallet will be integrated so that users can use the DeFi protocol easily. It can be used for lending, borrowing, trading, yield farming, and earning rewards by providing liquidity to the pool.
It is fascinating to see how serious the banks are about DeFi. They can clearly see which direction everything is going. There is no doubt that technology will not go backward. It will be way difficult to survive without adopting the latest technology.
People will naturally be attracted to something that is easy, simple, and provides a better solution. Sberbank likes to make everything on their DeFi simple to use without making it complicated. They have been working on this for a certain time.
How decentralized is a DeFi going to be that is introduced by the bank? That is a big question. I do not blame you if sometimes it feels DeFi means CeFi, and CeFi means the extreme level of CeFi. lol...
When the authority talks about CBDC and privacy, you might be shocked by the definition of privacy. Privacy means concerned authority can see and do everything except the public. If someone likes crypto, it is quite impossible to convince them to be a big fan of CBDC.
A bank plans to launch the DeFi platform can be considered a wake-up call for all banks. People will not make transactions with banks the way they do now. They will go for a better solution to ensure security, privacy, and freedom.
I do think we are going to see a big change in the financial system. The central authority cannot close its eyes and say nothing is happening. Evolving and adapting to the changing situation is a must in order to survive and grow.
So what do you think? Please feel free to leave your comments. Thank you for reading this post. That's it for now. I'll be back with another post.
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Building on ETH doesn't make sense. The transaction fees are going to kill a lot of people using the app and there are better alternatives out there.
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Due to the high gas fee, it is pretty challenging. General people do not feel comfortable paying that amount fee.
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