The chief executive officer of ShapeShift, Erik Voorhees, is cementing himself as a fan of the DeFi space. Decentralized finance (DeFi) has gained many supporters over recent months, Voorhees being one of them. He is an early adopter of Bitcoin that became one of the first public investors and innovators in the space.
Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom
ShapeShift CEO is a Fan of DeFi
As DeFi has grown exponentially, all segments of the crypto industry have begun to look at projects in the space.
Anthony Pompliano, Partner at the crypto fund Morgan Creek Digital Assets, recently asked his following which DeFi projects his followers think that he should read more about.
“I’ve been reading about DeFi all weekend. Very obvious Bitcoin is the first and most popular DeFi product, but I’m open to learning about others. What other things do you recommend I read?”
ShapeShift’s Erik Voorhees responded by telling the investor to “check out Thorchain.” Thorchain, whose native token is RUNE, is a project that “facilitates cross-chain liquidity pools with no pegged or wrapped tokens.”
This comes shortly after he said that DeFi is likely the “most cypherpunk thing” happening in this space:
“When u look past the yams, unicorns, and cute gardening references, you’ll discover that defi – decentralized exchanges and money markets in particular – are the most cypherpunk thing happening in crypto right now. Go try out Uniswap. Trade some ETH for DAI. More advanced: deposit either in a liquidity pool. Even more advanced: acquire some cDAI which earns interest. Notice the number of banks and identity checks involved. It’s magical.”
Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin
Top Investors Flocking to DeFi
The ShapeShift CEO and Pompliano looking deeply into DeFi highlights the trend of top investors in the space flocking to.
Rolled out by partners Katie Haun and Chris Dixon, legendary venture capital firm a16z announced “Crypto Fund II” earlier this year. This fund will be focused on the following list of crypto sub-sectors;
- Next Generation Payments
- Modern Store of Value
- DeFi
- New Ways for Creators to Monetize
- Web 3.0
Speaking on DeFi, the duo wrote that they think this space aligns with the Internet’s core values:
DeFi is a new stack of financial services –– think lending, derivatives, insurance, trading, crowdfunding, and more –– built on top of blockchains that embraces the core values of the open internet, including 1) open access to anyone in the world; 2) commitment to open source code; 3) permissionless extensibility by third-party developers; 4) minimal-to-no fees; and 5) encryption-backed security and privacy.
This is a similar sentiment to that shared by the ShapeShift CEO.
Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com "Check Out Thorchain (RUNE)," ShapeShift CEO Erik Voorhees Says