Ethereum’s decentralized finance (DeFi) space has received a lot of attention in recent months. This sector of the crypto space has seen a rapid increase in the capital involved as the returns and incentives to use these DeFi applications have increased at a dramatic pace. The data shows that the number of DeFi users has literally gone from a few thousand at the beginning of the year to a few hundred thousand now.
Major investors and innovators inside and outside the crypto space are understandably taking note. So much so that David Marcus, co-founder of Libra and former president of PayPal, started asking him on Twitter just recently.
Related Reading: Here’s Why Ethereum’s DeFi Market Could Be Close To Bottom
Facebook’s David Marcus talks about DeFi
David Marcus is a well-known figure in the cryptographic and financial technology community. He is a former president of PayPal and headed the Messenger team on Facebook. He is now helping to run Libra, the digital currency project first launched by Facebook but which has since expanded to a more decentralized / distributed mandate.
Marcus recently asked about DeFi, having apparently begun researching the subject. He asked his followers:
“Which are the most interesting #DeFi projects beyond Uniswap, Maker and Compound that I should be aware of? ”
Dozens of people responded with plans that Marcus could have looked at.
Which are the most interesting #DeFi projects beyond Uniswap, Maker and Compound that I should know?
– David Marcus (@davidmarcus) November 2, 2020
It’s unclear why Marcus asks about DeFi, but he’s an outspoken fan of Bitcoin, Ethereum, and other decentralized networks and neo-financial technologies.
Related reading: Tyler Winklevoss: A “tsunami” of capital is coming for Bitcoin
Away from the one investor or innovator who takes note
He is far from the only leading investor or innovator in Silicon Valley to have noticed.
Legendary venture investor Naval Ravikant recently stated in a podcast with Tim Ferris:
“They are building a decentralized Wall Street, they call it DeFi, DEFI, for decentralized finance. But actually I think it’s more like CHALLENGE like, challenging the government, CHALLENGE. And so I think we’re seeing a whole new casino that’s better than Wall Street. “
Silicon Valley venture capital firms have also begun to allocate capital to this space. This interest is likely to drive the next round of growth in this still nascent industry in the already nascent crypto space.
Related reading: 3 Bitcoin chain trends show a macro bull market is brewing
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Facebook & Libra's David Marcus Is Asking About Ethereum DeFi