“DeFi is the most important application for crypto,” says Solana co-founder

Solana (SOL) co-founder Anatoly Yakovenko recently expressed his views on what he believes to be the most significant innovation in the cryptocurrency sector: decentralized finance (DeFi), during a conversation with macro analyst Raoul Pal.

Yakovenko highlighted the importance of DeFi and its fundamental role, highlighting that it is the “biggest innovation” that the cryptocurrency industry “brought to the world”.

“DeFi is the most important application for crypto. It’s the biggest innovation that I think crypto has brought to the world. It’s the hardest to adopt because it’s a software-consuming part of finance that humans don’t really want to give up control over,” he said.

However, while Yakovenko highlighted the importance of the technology, he also acknowledged the obstacles in adopting DeFi. During his statement, he noted that this movement would represent a change in the financial sector, with a replacement of human intermediaries by software.

At the time of publication, the price of Solana was listed at US$60.38, down 0.6% in the last 24 hours. During this period, the cryptocurrency recorded a trading volume of US$1,525,254,079.

Anatoly Yakovenko Rejects ‘ETH Killer’ Label

In a recent statement, Anatoly Yakovenko, founder of Solana, took a strong stance against the narrative that establishes competition between emerging blockchain protocols and Ethereum, often labeled as eth killer or “ETH killers”.

This terminology has been a constant in the industry to describe new blockchain technologies, such as Solana (SOL), seen as potential competitors to Ethereum (ETH).

Yakovenko’s views were shared through a post on the X app, aimed at both the public and the cryptocurrency community. He highlighted the negative effects of fomenting a sort of “cold war” between Ethereum and other protocols, arguing that such narratives harm the collective progress of the blockchain ecosystem more than they benefit.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.