During the 2021 peak, sometimes called crypto summer, decentralized finance took the driving seat. Defi tokens surged to all-time highs.
Defi, once hailed as the “future of finance,” saw its dominance fade as memecoins stole the spotlight in the latest cycle. These hyper-speculative tokens have made some overnight millionaires, while also burning others.
Egorov believes that memecoins, despite their buzz, do not represent the primary crypto use case and argues for more attention to be given to defi.
RWAs on Defi Chains
Defi ecosystems, particularly Ethereum (ETH), are seen as prime hubs for tokenizing real-world assets such as bonds, equity, stocks, and real estate. Tokenizing real-world assets (RWAs) has a $7.3 billion market and could hit $30 trillion by 2034, according to experts.
Egorov said Ethereum and the larger web3 economy have the potential to operate a full tokenized RWA ecosystem. Regulatory hurdles, however, have so far restricted advancements.
“This would likely enable RWAs to be used in more permissionless products, expanding their integration within the Defi ecosystem,” Curve’s founder said.
Solving Web2 Loopholes and TON Opportunity
Egorov’s comments addressed compromised domains caused by a Squarespace registrar issue, impacting protocols like Celer Network and Compound Finance.
Regarding Telegram’s Open Network (TON), Egorov stated that TON has a new user base now experiencing defi applications. Despite challenges in building dapps on TON, he sees it as an opportunity for native defi development and Ethereum Virtual Machine support.
Egorov said, “DeFi apps have a very good chance of gaining traction in the TON ecosystem as soon as it can be fully launched.”
Tap-to-earn mini-games like Notcoin and Hamster Kombat have already attracted millions of daily users to TON’s ecosystem.
Egorov declined to comment on his infamous CRV loan and its eventual liquidation.
