JPMorgan Team Suggests Crypto’s DeFi Boom Slower Than It Seems
- JPMorgan studied decentralized finance on Ethereum network
- DeFi growth in dollar terms flattered by 540% Ether price jump
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The expansion in decentralized finance, one of the most-touted cryptocurrency trends, is less explosive than at first glance, according to an analysis by strategists at JPMorgan Chase & Co.
Decentralized finance -- or DeFi -- refers to blockchain-based services like borrowing, investing and trading that skirt traditional banks. Many applications run on the Ethereum network and make use of its native token, Ether, whose price shot up about 540% this year to more than $4,700.