DeFi is Becoming a Consumer Product

DeFi is catching the attention of the mainstream consumer, as NFTs draw artists in and Elon Musk to Mark Cuban sing its praises.

Introducing DeFi to consumers has been both a design and messaging challenge due to the technical comprehension required. Yet the rate of production and adoption may be converging. In the last week alone, 21 DeFi projects were launched on Product Hunt, a site that attracts 5M enthusiasts to discover and test new product launches. Since 2017, the industry averages 58 DeFi companies launched a year, in the last 7 days, about 20% of a year’s worth of companies were launched. The NFT Hack hackathon had 178 NFT projects launched in 3 days.

According to DeFi Prime, there are 230 DeFi projects, which is more than the number of countries on Earth.

Here are some of the more mainstream-friendly recent launches:

1 Octofi

OctoFi was launched to give users cashback when they transact with DeFi and NFT marketplaces.

2 Rainbow

Rainbow is (another) Ethereum wallet that makes managing your assets “fun and simple”.

“Onboarding is simple, there is a great integration for NFTs … the WalletConnect experience is incredibly smooth…” – Maxime Desalle, Community at Hifi Finance.

A consumer app so appreciated, the founder of Product Hunt spoke up.

3 Dharma

Dharma recently released a new wallet experience, allowing users to buy 20K+ DeFi tokens from their fiat bank account with Uniswap.

Well designed application minimizes the friction of adopting DeFi.

Design Leads

Ethereum applications’ design has made great leaps ever since the first dApp wave of 2018. Technological developments like liquidity pools for Dexes and greater composability among DeFi applications have contributed to this improvement, Going forward, meta transactions to help abstract gas fees, and Layer 2 scaling will further improve usability.