Latest News
Decentralized Finance (DeFi) Market Growth Driven by Increased Digital Currency Usage, Projected at USD 48.02 Billion by 2031| SkyQuest Technology
WESTFORD, Mass., July 2, 2024 /PRNewswire/ — According to SkyQuest, the global Decentralized Finance (DeFi) Market size was valued at USD 22 billion in 2022, USD 23.99 billion in 2023 and is projected to grow USD 48.02 billion by 2031, growing at a CAGR of 9.06% in the forecast period (2024-2031).
The market growth is driven by the numerous advantages offered by the DeFi technology offerings. Key benefits include the elimination of centralized financial institutions, such as banks, which traditionally control currencies, financial products and services. Also, the DeFi system eliminates the costs that banks and other financial institutions move to acquire their services there. Furthermore, the ease of use and accessibility of decentralized financial systems are expected to further increase their adoption.
The increasing popularity of eSports and gaming has emerged as a key driver for the growth of financial offer (DeFi) systems, as developers increasingly use DeFi tokens for in-app purchases. An example that has been denied with Augur, the DeFi system that allows users to bet on a variety of world events, sports and financial outcomes. The emergence of blockchain-based prediction solutions is expected to open new opportunities for market expansion soon.
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Decentralized Finance (DeFi) Market Overview:
Report Coverage |
Details |
Market Revenue in 2023 |
USD 23.99 billion |
Estimated Value by 2031 |
USD 48.02 billion |
Growth Rate |
Poised to grow at a CAGR of 9.06% |
Forecast Period |
2024–2031 |
Forecast Units |
Value (USD Billion) |
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered |
Component, Application and Industry |
Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the world |
Report Highlights |
Updated financial information / product portfolio of players |
Key Market Opportunities |
Innovating Finance through Decentralized Exchanges in DeFi |
Key Market Drivers |
Rising Expenditure, Venture Capital Funding in the Technology Sector |
Segments covered in Decentralized Finance (DeFi) Market are as follows:
- Component
- Blockchain Technology, Decentralized Applications (dApps) and Smart Contracts
- Application
- Data & Analytics, Decentralized exchanges, Payments, Stablecoins, Marketplaces & Liquidity, Compliance & Identity, Prediction industry, Assets tokenization, Others
- Industry
- BFSI, Government, Healthcare, Media, Entertainment & Gaming, Technology Services, Others
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Component Plays a Vital Role in Adoption of Decentralized Finance (DeFi) Market
By 2022, the blockchain technology segment will dominate the market, accounting for more than 41.0% of global revenues. Blockchain technology enables emergence of decentralized financial transactions in financial, often many new, transactions, decentralized, borderless, transparent. Promoting open development, encouraging innovation, business innovation and open possibilities.
The smart contract segment is expected to grow significantly over the forecast period. Smart contracts form the basis for DeFi protocol applications. A smart contract can act as security with specific rules governing when, how, and who can access this asset. In addition, it accelerates decentralized financial services such as investment, credit, banking and insurance. Additionally, smart contracts can help devolve the central budgets to states, thereby creating lucrative growth opportunities for the overall growth of this sector.
Data Analytics Section in Application Segment to turn in More Revenues for Market
The data analytics segment dominated the market in 2022, with 18.0% in global revenue. Decentralized monetary policy offers significant advantages for decision making and data analysis because the DeFi protocol is open to data and network operations. The DeFi protocol helps in risk management and creates business opportunities. With the capabilities provided by DeFi platforms, users can compare results and revenue and assess platform risk using various dashboards and tools.
The payments segment is expected to register the fastest growth over the forecast period. Peer-to-peer payments are an important use case for both DeFi’s business and the blockchain ecosystem. Users can use blockchain technology to exchange cryptocurrencies securely and directly, eliminating the need for intermediaries.
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The Future of Finance: Pioneering Financial Innovation
Decentralized Finance (DeFi) is rapidly emerging as a transformative force in finance, reinventing traditional financial systems through blockchain technology. DeFi’s core principles of transparency, accessibility and decentralization challenged traditional banks and financial institutions, thereby offering innovative solutions to inefficiencies and age-old barriers. The market has experienced tremendous growth, driven by the widespread adoption of cryptocurrencies and blockchain technology. The proliferation of DeFi applications has democratized the use of financial services, allowing users to borrow, lend, trade and earn interest rates without intermediaries. This growth is reinforced by decentralized exchanges (DEXs) on the rise of fixed income and seed agricultural programs.
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About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
Contact:
Mr. Jagraj Singh
Skyquest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: [email protected]
Visit Our Website: https://www.skyquestt.com/
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Latest News
COCA Celebrates Q2 2024 with Record-Breaking Milestones and New Launches
HONG KONG, Aug. 7, 2024 /PRNewswire/ — COCA, a pioneering force in the crypto wallet and financial services industry, has achieved several remarkable milestones in Q2 2024. Thanks to the steadfast support of its user community, COCA has launched new features, expanded its partnerships, and garnered prestigious accolades, further solidifying its position as a leader in the crypto space.
Launch of Physical Cards
COCA has introduced its highly anticipated physical cards, which are now available globally and compatible with Apple Pay and Google Pay. These cards allow users to make transactions with ease, earning cashback rewards on their purchases. This significant launch marks a step forward in integrating crypto with everyday financial activities, enhancing user convenience and financial flexibility.
Wallet Growth Milestone
The company has reached a significant milestone with 510,000 active wallets, reflecting a 102% growth quarter-on-quarter. This surge in active wallets highlights the increasing trust and adoption of COCA’s platform, as more users join the COCA community to manage their crypto assets securely and efficiently.
Transaction Volume Surge
In Q2 2024, COCA processed over USD 450,000 in transactions through its platform, demonstrating the robust usage and popularity of its financial services. This impressive transaction volume underscores COCA’s commitment to providing smooth and efficient crypto payment solutions.
Integration with Revolut
COCA has made it easier for users to fund their wallets by integrating with Revolut. This new feature allows seamless loading of crypto assets, enhancing the overall user experience and accessibility of COCA’s services.
Award Recognition
COCA has been honoured with the “Best Startup” award in the Financial Revolution category at CONF3RENCE & BLOCKCHANCE 2024. This award is a testament to COCA’s innovative approach and significant impact on the future of finance, recognizing its efforts in driving forward the digital financial ecosystem.
New Strategic Partnerships
COCA has formed strategic partnerships with industry leaders such as Wirex Pay and GoMining. These collaborations aim to provide users with enhanced rewards and a superior overall experience. The partnerships signify COCA’s dedication to expanding its ecosystem and delivering greater value to its users.
Welcoming Pavel Matveev
COCA is excited to announce the addition of Pavel Matveev, Founder of Wirex, to its team as a Strategy and Product Advisor. Pavel’s extensive experience and visionary approach are expected to drive COCA’s strategic initiatives and product development, contributing to the company’s continued growth and innovation.
Season 2 Point System Launch
Season 2 of COCA’s popular point system has launched, offering users the opportunity to earn points through various activities, including trades, referrals, holding assets, and spending with COCA cards. With a prize pool of USDT 3500 and 5 Wirex Pay Nodes, this season promises exciting rewards and increased user engagement. The season ends on August 9th, so users are encouraged to participate actively.
NFT Giveaway
In a special giveaway, COCA distributed 1000 GoMining NFTs to lucky users. These NFTs provide unique benefits, including enhanced mining capabilities and exclusive digital collectibles, adding significant value to the user experience.
For further details on COCA’s Q2 achievements and upcoming initiatives, visit the company’s blog.
Website: coca.xyz
COCA continues to redefine the crypto experience with its innovative solutions, seamless integrations, and user-focused approach. The company’s recent milestones and future plans highlight its commitment to leading the way in the digital financial landscape.
About COCA
COCA is a next-generation crypto super app designed to simplify and secure the crypto experience for users worldwide. With innovations in security, usability, and integration, COCA is at the forefront of the digital asset revolution. For more information, visit coca.xyz.
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Latest News
Stake and Earn with KuCoin’s Innovative GemPool Platform
VICTORIA, Seychelles, Aug. 7, 2024 /PRNewswire/ — KuCoin, a leading global cryptocurrency exchange, is excited to announce the launch of GemPool, its innovative new platform that allows users to acquire token airdrops as a reward for staking their crypto assets. This unique product is designed to provide early access to emerging crypto projects while offering rewards for their existing holdings at zero cost. By staking respective tokens in separate pools, users can farm new tokens and gain a foothold in the latest developments within the cryptocurrency market.
GemPool also offers flexible staking terms, allowing users to stake and un-stake their assets anytime within the designated period without lock-up restrictions. This flexibility ensures that users can manage their assets according to their preferences and market conditions. Additionally, GemPool provides zero-cost rewards, enabling users to earn tokens while holding their existing cryptocurrencies. By staking their tokens, users contribute to the growth of promising new projects, supporting innovation and development within the crypto space. With completion of tasks offered, users are eligible to earn multiplier bonus and receive more rewards.
Users can participate by staking KCS, USDT, or other specified assets in designated pools. The rewards are earned according to the respective yields of the pools, ensuring a fair and exciting experience for all users.
For more information on how to participate and the benefits of GemPool, please visit the KuCoin GemPool page.
About KuCoin
Launched in September 2017, KuCoin is a leading cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusiveness and community engagement. It offers over 900 digital assets across Spot trading, Margin trading, P2P Fiat trading, Futures trading, and Staking to its 34 million users in more than 200 countries and regions. KuCoin ranks as one of the top 6 crypto exchanges. KuCoin was acclaimed as “One of the Best Crypto Apps & Exchanges of June 2024” by Forbes Advisor and has been included as one of the top 50 companies in the “2024 Hurun Global Unicorn List”. Learn more at https://www.kucoin.com/.
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Latest News
Trust Wallet Launches Gamified Education Platform and Loyalty Program to Enhance and Reward Web3 Learning
DUBAI, UAE, Aug. 7, 2024 /PRNewswire/ — Trust Wallet, the world’s leading self-custody Web3 wallet and Web3 gateway trusted by over 130 million users, has launched Trust Wallet Quests, a gamified education platform within the Trust Wallet mobile app which encourages users to earn points while exploring and learning about Web3.
Users can engage in task-based challenges ranging from quizzes to complex problem-solving scenarios composed of various DeFi and Web3 activities, all designed to deepen their understanding of blockchain technology and decentralized applications (dApps), and expose them to exciting opportunities within Web3. As an incentive, users will earn Trust Points, a loyalty-based points system designed to reward user activity within the Trust Wallet mobile app. With Trust Points, users can earn rewards upon the completion of specific tasks, making Web3 more rewarding and fun.
In the future, Trust Points will offer additional gamification features, such as unlocking achievements, badges, and levels. This interactive approach not only boosts individual learning but also contributes to broader community education and adoption of decentralized technologies, making Trust Wallet Quests a dynamic and exciting way to reward loyal users and engage with communities in Web3.
On the motive for launching Trust Wallet Quests, Eowyn Chen, CEO of Trust Wallet, stated: “The complex technology and fast-paced industry can be intimidating for both new and seasoned users. The introduction of Quests on Trust Wallet further solidifies our commitment to making it easier for millions to navigate Web3, aligning perfectly with our mission to build a seamless Web3 hub and open ecosystem for all.”
Nate Zou, Head of Product at Trust Wallet, highlighted what to expect from Trust Points and Trust Wallet Quests: “Trust Points and Quests are just the first iteration of a much-needed reward system for our community. Within 2024, we have plans to build on this, combining rewards with many of our other web3 product offerings. Overall, we envision this points system not only changing how users engage with Trust Wallet, but also encouraging more collaboration between Trust Wallet, our users and other web3 ecosystem players.”
Trust Wallet Quests and Trust Points are now available on both Android and iOS versions of Trust Wallet’s mobile app. Download here: https://short.trustwallet.com/TrustWalletQuests
About Trust Wallet
Trust Wallet is the self-custody, multi-chain Web3 wallet and Web3 gateway for people who want to fully own, control, and leverage the power of their digital assets. From beginners to experienced users, Trust Wallet makes it easier, safer, and convenient for millions of people around the world to experience Web3, access dApps securely, store and manage their crypto and NFTs, buy, sell, and stake crypto to earn rewards, all in one place and without limits.
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