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From more non-custodial liquid staking services to more privacy-focused projects, the community shared what they want for the future of DeFi.
While the broader crypto market is on a downward spiral and social media is plagued with fears and complaints, some are choosing to focus on the decentralized finance (DeFi) space's potential for the future.
In a DeFi subreddit, Redditor Popular_Rub9075 asked community members what they want to see more of in the DeFi space. According to the Redditor, while negative discussions are prevalent in social channels, a "great time" to look into projects that have potential is when the market is down.
In response to the thread, Reddit user Crumbedsausage said that he wishes to see more Liquid Ether (ETH) staking projects that are non-custodial. In addition, the Redditor said that being able to run an Ethereum node with "1 ETH or less" may be good for decentralization and provide realistic annual percentage yields.
Apart from this, another user, called Geistirnd, noted that they believe in the potential of DeFi projects that are focused on privacy. According to the Redditor, providing more privacy options for DeFi users will be a catalyst for the "wider adoption of DeFi." On the other hand, one of the participants in the thread also brought up yield making, pointing out that everyone wants new ways to "make some gains."
Related: What to do after getting rich from crypto: Community answers the ultimate question
Meanwhile, Binance Labs has announced that it will launch the fifth iteration of its Most Valuable Builder (MVB) program, its incubation platform that supports new DeFi projects. The fifth round of MVB is a collaborative effort between Binance Labs and BNB Chain.
In other news, Bitfrost, a decentralized cross-chain liquidity provider, launched an updated Slot Liquidity Auction Protocol on Friday. With this protocol, the project provides liquid derivatives tokens in exchange for the tokens staked. These tokens can be used throughout DeFi, eliminating the opportunity cost for users who have staked their coins.
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