Analysis: Lack of confidence in banks has led to the need for other financial services such as DeFi.

12 years after the 2008 financial crisis, people still seem to be wary of banks, according to Cointelegraph. In addition to high costs and minimum deposits, respondents said they lacked identification or savings due to lack of trust and confidentiality when dealing with securities banks, according to the assessment. family of the Federal Insurance Company. People without a bank have created a demand for other financial services, and DeFi has created great opportunities due to its ability to provide financial services to most people. According to corporate website DeFi Pulse, total closing costs on DeFi platforms increased by around $ 12 billion last year. According to statistics, the company's income exceeded $ 500 million. Although the industry is still in its infancy, DeFi operations have highlighted the drawbacks of the current process by increasing included funding, increasing capacity, and reducing costs. As of the third quarter of 2020, investments by crypto enthusiasts in DeFi projects have grown from US $ 2 billion to over US $ 10 billion.