Decentralized financing has shown the 1% that the masses do not have to remain subject to the will of the ruling financial class. Global citizens do not have to surrender to a financial system that benefits only a privileged few. Rather, they can use instruments for financial freedom. With this in mind, Radix launched the Goodfi Alliance, an initiative with the aim of improving users’ financial sovereignty by introducing them to DeFi applications.
Radix is a decentralized general ledger platform with a focus on DeFi applications. Therefore, the creation of this group was a matter of course for the development team. Working with some of the most influential companies in space, AAVE, Chainlink, Messari Capital and mStable, this newly formed conglomerate plans to turn the existing financial system on its head. Some of these projects compete within the same sector, others are unique, so Goodfi will never promote any particular blockchain or DeFi platform. Instead, Goodfi will expand the potential of these technologies overall.
A tripartite approach
Goodfi plans to reach one hundred million new users willing to deposit at least $ 1 into the DeFi universe and has a lot of work to do. Backed by some of the most successful multi-billion dollar investment firms and cryptocurrency projects, the Goodfi team has a lot to offer in terms of expertise, time, money and development capacity. They don’t limit their ambition, which is a good sign of what’s to come.
There will be many different groups of stakeholders that Goodfi will target, each with unique challenges that they will need to overcome in order to adopt DeFi. These groups consist of traditional financial users, non-banks and the disenfranchised, as well as established companies and organizations. Goodfi will create different content and offer different methods depending on the group. In general, however, Goodfi plans to spread DeFi through education, research, and awareness-raising.
Education, education, education
Education is critical to long-term success. One of the reasons parents, who wish their child a bright future, stress a commitment to the cause. For DeFi, this training has to be comprehensive as there isn’t much of a predecessor to lay the foundations. This means walking users through blockchain, cryptocurrency and DeFi topics and making it easier for users to access digital assets to transact with. Goodfi and its contributing members will regularly publish educational materials to educate the masses about the opportunities, risks, and potential of DeFi.
The next aspect that Goodfi will focus on is research, an integral part of developing a data-driven thesis. Many of us participate in the blockchain on a daily or weekly basis, which easily forgets that “normal” people still have no idea what decentralized financing is or what it can enable. The research will help clear many of the concerns and questions new users may have about the effectiveness of DeFi platforms. This will be good for everyone, as it will also challenge the assumptions that seasoned veterans may have inadvertently made during their DeFi journey.
The final focus will be on DeFi awareness, a cornerstone for establishing the sector in mainstream awareness. DeFi has risen to over $ 40 billion in total value in just over a year, but that’s just a drop in the bucket when you look at the entire financial industry. In raising awareness, users need to open their eyes to the decisions that lie ahead and show them how they are regularly being defrauded by oversight authorities, from banks to credit agencies. Goodfi wants to make everyone aware of the opportunities that truly fair and free markets offer. These are only available when centralized bodies have no more power than the users of the network.
If Goodfi can reach its goal of 100 million users by 2025, we will all be on a wild ride.