Chainlink CEO: DeFi Ecosystem Could Increase To $ 1 Trillion Next Year

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Chainlik co-founder and CEO, Sergey Nazarov, made statements about the future of DeFi. Chainlik co-founder Nazarov said the DeFi ecosystem could reach $ 1 trillion next year.

Sergey Nazarov made some comments about DeFi at the Etheral Summit panel. Nazarov said that next year a zero will be thrown next to the total value of locked assets in DeFi. “So if it is 70 billion dollars now, it will reach 700 billion dollars. Maybe even reach $ 1 trillion. (In this case) it would be impossible to ignore DeFi. ” said.

Decentralized oracle update from Chainlink

Chainlink; DeFi offers oracle solutions to smart contracts in insurance, gaming and NFT areas. Taking a step forward to further this, the platform has published a new whitepaper called Chainlink 2.0. The Whitepaper includes some explanations on decentralized oracle networks and a new oracle model.

It is stated that the new model, which will come with Chainlink 2.0, will provide access to off-chain data sources or calculations for smart contracts.

Speaking to Decrypt about Chainlink 2.0 on April 15, Nazarov said that NFT, stablecoin and DeFi ecosystems could reach $ 500 billion in TVL this year. However, he stated that with Chainlink 2.0, smart contracts can be created that will enable the growth of the DeFi ecosystem.

DeFi ecosystem has grown

The TVL value of DeFi platforms in the Ethereum network has approached $ 80 billion. This value was not even $ 1 billion in May a year ago. It gained its upward momentum by surpassing $ 10 billion in late 2020.

Maker, Aave and Compund make up about 35 percent of the ecosystem with double digit TVL values.

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