Solana (SOL) Co-Founder Anatoly Yakovenko Unveils One of the Most Impactful Innovations to Come Out of the Crypto Industry
In a new interview with macro guru Raoul Pal, Yakovenko says decentralized finance (DeFi) may be the best thing to come out of crypto.
“DeFi is the leading app for crypto. It’s the biggest innovation I think crypto has brought to the world. It’s the one that’s the hardest to adopt, because this is a software-hungry part of the financial world that people really don’t want to give up control over.
They enjoy being a middleman and getting a free percentage point of someone else’s money. If software can do it for ten times less, they are reluctant to give it up.
But I think it’s inevitable. There’s just no way that in twenty years, whatever, fifty years, you’ll know that all these things aren’t running in decentralized application software (DApps).”
On the impact DeFi is likely to have on traditional financial giants such as Goldman Sachs and BlackRock, Yakovenko says:
“If this is a real disruption, that means it should hit their profits. This is what disruption brings.”
According to Yakovenko, some of Solana’s DeFi-focused projects are now growing after initial challenges.
“We thought Solana was perfect for DeFi when we were designing it, really building on the idea that cheaper and faster for finance is always better. And it was a struggle to get adoption there, especially after the FTX [exchange] to collapse.
But there were really, really strong teams like Margin, like Solend, like Jito Labs, Pyth, Jupiter Aggregator… all these guys that just kept building through the bear market, through all the black swan events and now, as I think, with that next stage of maturity to where they really get into growth mode.”
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