Gauntlet Network CEO: DeFi will change legal services
CEO of the Gauntlet Network, Tarun Chitra, is confident that crypto investors are different from traditional market players, which should be taken into account when transferring a product to DeFi. The crypto enthusiast believes that one should not simply duplicate solutions from the existing financial system to a decentralized one.
“Products that work really well in DeFi are not so obvious: “Take a centralized financial thing, make a clone as similar as possible, and then try to get people to use it…”, which almost never works in DeFi. It is always something that is adapted to the nuances of cryptosystems and how people interact with them,” he said.
The CEO of Gauntlet Network believes that successful DeFi projects will have to cope with the uncontrolled transfers of significant amounts that are carried out by crypto users without having familiarized themselves with the basics of the protocol.
“When you explore the DeFi markets, you will find a lot of competition between different protocols. Therefore, the mechanism of the protocol should work equally effectively, regardless of whether a well-informed investor invests his money, or it is a “monkey degen” — they should get the same result,” Chitra emphasized.
He believes that in the future, more and more contract options will be in the sphere of influence of DeFi. However, the expert believes that decentralized finance will help change legal services.
“You just get rid of lawyers using transactions. With DeFi, you can tokenize customer care and turn legal contracts into exchange-traded assets,” Chitra said.
Recently, the founder of the DeFi project yEarn Finance, Andre Cronje, spoke out for the regulation of the crypto market, for which he was severely criticized. He published an article saying that today’s generation of project developers in the cryptocurrency industry is repeating the mistakes of the creators of the already working monetary system, trying to “make something better.”
“Now more than ever I see the need or even the urgency of regulation not as a prevention mechanism, but as a remedy,” Cronje said.
He also hopes that in the future, “we will see the rise of a new blockchain economy driven not by greed but by trust, not gullibility.” His point of view provoked a strong reaction in the cryptocurrency community.
“The man who made tens of millions. Created many shitcoins and projects thanks to the lack of regulation. Retired from the industry and now advocates for investor protection and regulation. Welcome to the world of clowns,” wrote a popular trader on Twitter under the nickname Tree of Alpha.
