Fist bump emojis rolled out through crypto Twitter in the past 24 hours, bursting through feeds tuned to tuned to DeFi—but it wasn’t just another viral trend among crypto and web3 profiles. It was, if anything else, a joint statement of how decentralized finance protocols see the future of the sector.
DeFi protocols have come together in what is possibly a rare showcase of unity to promote the core values of Web3— decentralization, permissionlessness, and composability. The fist-bump emojis were meant to symbolize the sector’s unity in the pursuit of these ideals, representing crypto collaboration that spans across networks and platforms. It’s a powerful message from major DeFi protocols, and it’s also a statement of how DeFi has struggled, especially in the past year, to overcome the difficulties thrown at it by traditional financial systems and the authorities that run regulations around it.
Yearn Finance published a thank you video on Twitter celebrating the campaign:
It’s Tuesday, so let’s talk about Monday…
Thanks to every protocol and project that took part in the campaign. Here’s what we did, and why we did it 🤜🤛. (Sorry Gabriel). pic.twitter.com/uLsjeeJgMP
— yearn (@iearnfinance) February 7, 2023
Based on the video, a number of top-tier DeFi protocols have bonded together in the campaign, including: SushiSwap, Kyber Network, Yearn Finance, ParaSwap, Stake DAO, Bungee Exchange, Threshold Network, Lido Finance, MakerDAO, Balancer, Perpetual Protocol, Polynomial Protocol, Zerion, Aave, PodsFinance, Arbitrum, Carbon, USDfi, 1inch Network, DegenScore, LeverFi, Phi, Dopex, Dexsport, Neko Protocol, Shorter Finance, and Risky.
“Together, we can push the boundaries of traditional finance and build a more inclusive and accessible financial system through DeFi,” shares Mamun Rashid, CMO at MakerDAO.
After the sudden collapse of multiple crypto ecosystems and platforms tied with centralized entities last year, major industry players from the decentralized finance (DeFi) system have joined forces to restore trust and confidence from DeFi investors.
“We bump fists, because we’re in this together, building a new, open, composable financial system with values that are different from what came before,” the video stated.
The initiative was DeFi’s way of showing the spirit of its technology as a harmonious and interoperable ecosystem, rather than one driven by rivalry and rife with greed. As a challenge to the current financial system, DeFi is creating an entirely new framework that seeks to eliminate financial barriers and open economic freedom through its platforms.
“Leveraging the composability of this new technology, we can democratize and provide more equitable, safer, and transparent financial tools and products to reach a global audience,” shares Jared Grey, CEO of SushiSwap.
In spite of the fact that DeFi has earned mainstream credibility with a variety of prominent institutions joining in, its reputation is still somewhat tarnished by numerous security concerns: the sector has often been the target of large-scale exploits in the past couple of years, resulting to roughly $2 billion lost from exploits alone, with $3.6 billion in total, including losses from security breaches among audited protocols.
Despite these challenges, it appears that the DeFi community is holding out strong, showing solidarity and faith to the vision of a truly decentralized future through Web3.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.