Radix announced the launch of GoodFi, a non-profit initiative aimed to further the education, research, and best practices for the decentralised finance (DeFi) industry. Alliance members, Aave, Chainlink, Messari, mStable & more have already committed resources to further accelerate the adoption of DeFi.
“Individually, the companies behind GoodFi are growing rapidly, yet we all share a common goal to bring the benefits and potential of DeFi to a global mass market”
GoodFi was created with a clear mission: get 100m people to put at least $1 into DeFi by 2025. In the last year, the total value of assets in the DeFi industry increased from around $1Bn to nearly $30Bn – yet this only represents a tiny fraction of the $111Tn that is in the global financial industry.
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“Individually, the companies behind GoodFi are growing rapidly, yet we all share a common goal to bring the benefits and potential of DeFi to a global mass market,” said Piers Ridyard, CEO of Radix and the founder of GoodFi. “While DeFi has seen meteoric growth in the last 18-months, the industry is still only accessed by a fraction of the global financial sector. GoodFi provides a platform for leaders in the DeFi space to tackle industry-wide problems and provide clear education and research for both users and developers looking to enter the space.”
DeFi can be explained as a new, global financial network where financial products and services are interconnected, hyper-secure, and equally accessible to all participants. DeFi brings a level of transparency and fairness to the financial sector that is simply not possible with the highly fragmented, centralised, and isolated processes in traditional financial systems.
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The promise of an open, global financial network is gaining momentum, especially after the events in the last few weeks that have drawn attention to the systemic issues of the traditional finance world. Users of some of the supposedly most cutting-edge, consumer-friendly fintech offerings have seen their ability to buy and trade limited or stopped, often with little explanation as to why. Contractual breaches such as these present a great opportunity for the DeFi industry to continue its growth, as many are looking for alternative financial products and services that are more transparent and reliable.
Alongside the founding members of GoodFi, other businesses and projects in the industry will be encouraged to contribute to ongoing education, research and awareness activities to promote the benefits of DeFi not only to existing cryptocurrency users but also to a wider audience looking to discover the increased opportunity and security around digital assets.
The first step towards fulfilling their mission will see GoodFi target new DeFi entrants via a user-friendly website providing an easy introduction to DeFi, expanding on how it works and why it can help solve many of the problems that face the current financial system.
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