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Mike Novogratz Sees Positive Future for DeFi Middle and Long Term

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Prominent Bitcoin investor and CEO of the Galaxy Digital crypto bank, Michael Novogratz, has taken to Twitter to congratulate Bancor CEO and co-founder on the approaching network upgrade.

He also stated that within five to ten years, the DeFi industry will become widespread.

Mike Novogratz sees positive future for DeFi

In his recent tweet, the former hedge fund manager and former partner at Goldman Sachs touched on the topic of DeFi (decentralized finance).

He congratulated Bancor exchange CEO and co-founder, Galia Benartzi, on the upcoming Bancor V2 mainnet launch.

Further, he stated that he expects DeFi to be ubiquitous in five to ten years.

DeFi
Image via Twitter

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Bancor V2 upgrade

The blockchain company announced its approaching innovation back in late April of this year: Bancor Protocol’s second major version, Bancor V2. The launch is scheduled for July.

The new mainnet will include a new automated market maker (AMM) liquidity pool which has been integrated with price oracles provided by Chainlink.

It will also provide support for DLT-based lending protocols and will reduce the risk of so-called impermanent loss.

Novogratz praises Vitalik Buterin

Previously, Mike Novogratz tweeted praise and admiration for Ethereum co-founder Vitalik Buterin. Novogratz’ praise had to do with DeFi projects; he tweeted that Vitalik was trying to "build something that has immense value."

The former hedge fund manager posted that tweet after Buterin had pointed out some of the drawbacks of Ethereum-based DeFi projects.

Back then, Vitalik drew public attention to "flashy DeFi things" that promise quick enrichment through high interest rates and may conceal some systemic risks from investors.

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Yuri Molchan

Yuri entered the crypto sphere at the BTC price peak in 2017, quickly turning into a crypto enthusiast. He has written for several media, covering everything from TA to ICOs and crypto regulations. Presently is a news writer, working with crypto and blockchain-related topics.