Hashing It Out: Will 2024 be the best year for DeFi yet?

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Sonali Giovino, global head of ecosystems at De.Fi, believes decentralized finance security has gotten more coverage over the years because risks discourage adoption.

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Hashing It Out: Will 2024 be the best year for DeFi yet?

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In the 50th episode of the Hashing It Out podcast, host Elisha Owusu Akyaw speaks with Sonali Giovino, global head of ecosystems at De.Fi, about the decentralized finance (DeFi) ecosystem. As the crypto space sees signs of a potential bull run, Giovino breaks down the power of DeFi, the problems associated with the sector, and how they could impact mass adoption in the coming years.

Giovino believes the groundwork has been laid for exponential growth in the decentralized finance world as the market turns green. However, she also explains that now is the most important time to consider the various risks that cut across the DeFi sector, from security to regulations.

Giovino explains that security has always been the biggest risk, with many smart contract vulnerabilities having led to major losses over the years. She adds that until recently, there was not enough attention given to DeFi security issues. This is changing as more developers work with auditors, more companies build security tools for users, and more events focus on DeFi security.

Despite the risks, Giovino says people are encouraged to venture into DeFi because it is empowering:

“I think sometimes people are concerned about getting into the DeFi space because of the crypto scams or, you know, the volatility and the risk. But one of the things I have to encourage and really enlighten is that DeFi is not only disruptive, but it’s extremely empowering. It empowers people around the world to create solutions and to tackle some of these issues that, of course, affect everybody.”

Listen to the full episode of Hashing It Out on Spotify, Apple Podcasts or TuneIn, and remember to check out Cointelegraph’s growing catalog of Web3 podcasts.

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This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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