Can DeFi Revolutionize Cryptocurrency Payments?
The potential of Decentralized Finance in relation to cryptocurrency payments is immense, and it is pertinent to understand a key invention DeFi introduced, and they are Stablecoins.
Stable cryptocurrencies are digital tokens whose value is pegged to a fiat currency such as the US Dollar or the Euro. They can also be pegged to other unique valuables but these are not so common. The values of these Stablecoins do not experience the type of volatility as most digital currencies there are today.
Notable stable crypto that have a huge relevance in the revolutionary drive of DeFi include MakerDao’s DAI stablecoin, Binance USD amongst others whose values are usually pegged at $1. The stability of these stablecoins qualifies them to a large extent to be used as the currency that inflation will not tamper with its value over time as prevalent with most fiat currencies we have today.
From the foregoing, decentralized finance may have the needed tenacity to revolutionize cryptocurrency payments in two major ways. What are they?
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