Press release
Decentralized Finance (DeFi) Market to Surpass USD 48.02 billion by 2031, Witnessing 9.06% CAGR Growth.
Decentralized Finance (DeFi) Market Size, Share, Growth Analysis, By Component(Blockchain Technology, Decentralized Applications (dApps) and Smart Contracts), By Application(Data & Analytics, Decentralized exchanges, Payments, Stablecoins), By Industry(BFSI, Government, Healthcare, Media), By Region - Industry Forecast 2024-2031Decentralized Finance (DeFi) Market [https://www.skyquestt.com/report/decentralized-finance-market] size was valued at USD 22 billion in 2022, USD 23.99 billion in 2023 and is projected to grow USD 48.02 billion by 2031, growing at a CAGR of 9.06% in the forecast period (2024-2031).
Decentralized finance (DeFi) refers to the utilization of decentralized technologies such as blockchain to offer financial services. Growing emphasis on improving the security and transparency of the financial sector is projected to help promote the demand for decentralized finance (DeFi) over the coming years. The high penetration of blockchain technology in the BFSI sector exhibits a bright market growth outlook.
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Rapid digitization of the banking and finance sector has set the tone for decentralized finance (DeFi) providers. Rising investments in the development of novel DeFi platforms and tools are also predicted to augment the overall decentralized finance (DeFi) market development going forward. Decentralized finance (DeFi) companies can specifically focus on the inclusion of cryptocurrencies to maximize their business potential in the long run. Decentralized finance (DeFi) market players will need to work closely with regulatory bodies and governments to help the decentralized finance market reach its full potential across the forecast period and beyond.
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Diversification of Decentralized Finance (DeFi) Business Crucial in Improving Revenue Generation
Decentralized finance companies are investing in the development and launch of new DeFi platforms and applications to improve their market presence. Tokenization and cryptocurrencies are two top trends that could help decentralized finance market players generate new business scope. Advancements in blockchain technology are also estimated to crucially govern the future of decentralized finance (DeFi) companies. Launch of new lending platforms and services to promote the popularity of decentralized finance in the future could also be a popular strategy for DeFi companies looking to maximize their market share. Digital banks and traditional banks are projected to be the leading organizations supplementing the growth of decentralized finance (DeFi) market. Collaborations and partnerships will also play a crucial role in helping decentralized finance (DeFi) providers launch new and innovative DeFi solutions and platforms going forward.
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Maple Finance, a leading lending provider based on the decentralized finance ideology, announced the launch of a new protocol to provide institutional lending in May 2024. The new protocol is termed Syrup and offers users permissionless access to institutional lending.
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In April 2024, Zima Bank introduced its decentralized hybrid financial services. Zima's new platform combines cryptocurrency and traditional fiat transactions, making it easier for users to conduct transactions within the decentralized finance ecosystem.
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In an industry first, LAVA, a decentralized lending platform, announced that it had found a way to mitigate impermanent losses in the DeFi space back in March 2024. The key objective behind this was to make it easy for people to lend or borrow assets or money easily so LAVA can usethese investments as security for the loans.
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Mother of USDC, i.e., Circle engaged in a collaboration with TBD tolaunch a new organization in October 2023. The key objective of this partnership is to develop and promote credential standards and decentralized identities.
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The rapid evolution of the BFSI sector and the growing adoption of blockchain in the same are projected to be vital for decentralized finance (DeFi) market growth. New companies should target the development of novel DeFi platforms and established decentralized finance (DeFi) providers should emphasize expanding their business scope by offering new decentralized finance services going forward.
Related Report:
Blockchain Market [https://www.skyquestt.com/report/blockchain-market]
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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Company Name: Skyquest Technology
Contact Person: Mr. Jagraj Singh
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