MyEtherWallet CEO and Founder, Kosala Hemachandra, has brushed off concern following a major sell-off across the DeFi market that has seen it lose $1 billion in value.
The vast majority of DeFi tokens are built on Ethereum’s blockchain, which adds a fairly crucial variable in that when Ethereum 2.0 goes live, projects will be able to run more seamlessly amid scalability improvements.
“We’ve seen huge drops in DeFi’s total locked value (TLV) before, and we’ll likely see them again.” Hemachandra said.
“It’s easy to see these overnight or multi-day movements as a slowdown or to read too much into the market, but the reality is that DeFi is up over 1,700% this year in TLV. Price fluctuations aren’t unusual in new asset classes, and although DeFi’s certainly an experiment, it’s garnering interest that makes me immensely excited for its future.”
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