CEO of Kava, Brian Kerr, has said that DeFi will push out of Ethereum before the end of 2021 because of the current congestion and network issues on the blockchain.
Kerr said in the coming years; the sector will eventually become more cross chained in nature. Brian Kerr was on hand to grant an interview where he gave insights into the reasons why DeFi might leave Ethereum.
Notably, Kava uses a proof of stake protocol on the Cosmos blockchain that it was built on. The blockchain allows users to stake their tokens and act as validators in the blockchain—the project launched on Binance Launchpad as an Initial Exchange Offering (IEO).
Kerr hopes the DeFi sector becomes more cross chained.
According to the description of the project, it is a lone blockchain that possesses interoperable bridges. The blockchain also has Chainlink oracles, has unique validators present, and some other vital features that allow it to interact with financial applications across the ecosystem.
Aside from his visions for Kava and explaining the merits of using the blockchain, Kerr also talked about the recent happenings in the DeFi space. He spoke about various aspects of the sector, such as its importance in the digitizing world and its performance in the years to come.
Kerr said the decentralized sector will always be there with its ups and downs, but in the long run, it has some nice projects that will grow very large in the future.
Also read:“What we saw earlier this year was the preference of the market to favor stablecoins as opposed to BTC, ETH, and other assets in money markets like Compound. This dramatic shift in market mentality resulted in billion flowing into the leading protocols,” Kerr said. Furthermore, Kerr mentioned that the DeFi market has all the properties to be more cross-chain in the future.
Harvest.io launches on Kava blockchain
Kerr said when the DeFi sector becomes more cross chained, it will eliminate Ethereum blockchain’s role. Notably, the Ethereum blockchain is presently the most used platform in the DeFi space.
Furthermore, Kerr noted that the major issues plaguing the Ethereum blockchain would decrease its dominance in the coming years. Kerr also mentioned that while users will be awaiting legit applications, scam applications will continue to emerge on the blockchain instead. In the years to come, centralized platforms will begin to integrate more DeFi protocols.
According to Kerr, the move will increase user experience, which will increase the number of users in the DeFi sector. When asked to talk about his ten-year prediction, Kerr said no one would make an accurate prediction because the industry is changing every day.
Kava has announced that Harvest.io has been built on the Kava DeFi hub. Kerr said Kava’s features allowed Harvest.io to become the first cross-chain money market across the globe. Users on the platform would be allowed to borrow, lend, and earn in BTC, USDX, and some other tokens.
“What we’re doing at Kava and Harvest is assembling financial products and services that can provide an additional yield to users and all types of crypto assets,” Kerr said.
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