Bank of America (BoA) evaluated the barriers to DeFi projects while conducting an analysis of the decentralized finance (DeFi) space.
According to research by Bank of America, some platforms such as Gauntlet, To the development and growth of DeFi applications contributes.
However, the bank claims that DeFi applications widespread dissemination in the short term. He thinks there are some obstacles in front of him. Among these obstacles “Regulations that make it difficult to get into (DeFi space), poor user interfaces” and in the DeFi field “limited functionality” is located.
Bank of America analysts Alkesh Shah and Andrew Moss wrote in their analysis on the subject:
“User identities cannot be identified, credit scores are inaccessible, and AML/KYC requirements are not met, creating difficulties for regulation, limiting the use of trading platforms, further complicating their mainstream adoption.”
According to the report, DeFi applications that are not mature enough yet develop different products and improve the user experience for even more maturation needs. Analysts think that in this way, DeFi applications can be used by more people and can find more uses.
In the long term, the improvements made in DeFi applications, can make traditional financial products and services more efficient. is being considered.