What challenges does DeFi face?

What challenges does DeFi face?

The innovation happening within DeFi has been nothing short of astounding. We’ve come along way since the days of EtherDelta. With that being said, there are a few things that could be improved to make the space better. Fortunately, developers in the space are working 24/7 to overcome these challenges.

Inferior performance: Blockchain systems, which DeFi protocols are built on, are unfortunately not built for speed and scalability. Therefore, they are generally slower and more costly to use than centralized financial applications (for today at least).

Poor user experience: Like most blockchain-based products, DeFi platforms have not matured enough to be as sleek and user-friendly as traditional applications as of yet. In fact, about half of the liquidity mining/yield farming platforms are geared towards advanced users if not programmers who don’t need the best graphic interface to be comfortable using.
High risk for bugs and other

vulnerabilities: Since DeFi applications technically have no leaders to assume liability, it transfers the responsibility of ensuring the application’s reliability to the users themselves. These risks, however, can be mitigated by only using DeFi platforms that have been independently audited by a reliable security company.
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