BHO Network CEO Nhat Phan: “DeFi will continue to be a robust growth trend in 2022”

2022 will continue to be another year of significant growth for DeFi in a more comprehensive way, where new DeFi products will be developed to enhance users’ experience, reduce barriers for new entrants, and increase insurance features.

On 18 January, at the talk show “The Charm of DeFi?” hosted by HotQA, Co-Founder and CEO of BHO Network - Mr. Nhat Phan openly shared about decentralized finance (DeFi), digital asset market, and development goals of the BHO Network project in the future.

BHO Network CEO Nhat Phan is the guest speaker at the latest talk show on “The Charm of DeFi” of HotQA

According to Mr. Nhat, DeFi, has in fact only evolved since late 2019, therefore decentralized finance is still very new. The challenges that DeFi has to face include security risks; difficulty in identifying organizations, or teams behind the protocols that can lead to their disappearances with investors’ assets; the still complicated interface of most DeFi applications that is not friendly to new users; no specific solutions for user identification problems (KYC) on blockchain platforms; and DeFi’s incompletion in terms of legal basis.

Yet, in the last 2 years, DeFi has witnessed strong growth. Specifically, as stated in DappRadar Report of Nasdaq, the ecosystem of DeFi soared up to 7 times from 2020 to 2021 and the number of individual users interacting with Dapps in 2021 rose nearly 600% compared to 2020. Explaining this phenomenon, Mr. Nhat said: “Blockchain technology platforms are gradually more complete. Those networks have started to gain an interest in mutual inter-connection through Cross-Chain, creating a “borderless” blockchain world, assisting in transferring assets back and forth more easily with stable costs. These benefits have contributed to the explosion of decentralized finance applications with better quality, motivating users and businesses to participate.”

Furthermore, the application of Blockchain technology on a daily basis is currently a must in the 4.0 technology era, opening many opportunities with individual investors, users, and developers. These factors also contribute to the heat of DeFi.

According to Mr. Nhat, 2022 will be another year for DeFi to have significant growth and improvements in different aspects. Particularly, new DeFi products will be developed to advance users’ experience, reduce barriers for new entrants, and increase insurance features. “DeFi 2.0 will be an upgraded version of original DeFi products that were not optimized. DeFi 2.0 will overcome obstacles in terms of users’ experience and insurance - all of which DeFi 1.0 is not capable of”, he said.

Besides, he stated that blockchain technology and DeFi will not replace other traditional organizations and industries, but will instead support them to grow together. Mr. Nhat shared that, experts have estimated global banks will save up to 20 billion USD in 2022 if blockchain technology is applied.

As a project providing a blockchain platform for GameFi, Metaverse, and DeFi, Mr. Nhat expressed: “Our primary goal is to deliver products that bring out the best experience, to help blockchain technology be effortlessly accessible to both advanced and general users. As such, DeFi 2.0 is also one of the trends that we are interested in. We are willing to assist other projects to develop an innovative and efficient DeFi ecosystem on the BHO blockchain platform.”

In 2022, BHO Network will concentrate on completing core products including LaunchPad, Wallet, NFT Marketplace, and DEX to accomplish and develop their ecosystem. In particular, one of BHO Network’s main focuses is to support the development of the DeFi ecosystem.