In the grand theater of crypto, a spectacle looms on the horizon, a “DeFi festival” poised to erupt as early as September, promising a decentralized finance renaissance that may stretch into eternity—or at least until the next meme coin craze. Charles d’Haussy, the illustrious CEO of the dYdX Foundation, an independent nonprofit dedicated to the art of DeFi, has spoken.
In a tête-à-tête with CryptoMoon at the illustrious Consensus 2025 in the bustling heart of Hong Kong, d’Haussy declared that the term “DeFi summer” is but a pale shadow of what awaits. “DeFi festival,” he insists, is the phrase that captures the essence of this impending boom, a celebration that will not merely flicker and fade but will instead blossom like a stubborn weed in a neglected garden.
“DeFi summer, in people’s minds, is like three months of crazy parties. I think this short period is behind us. I think it will be a very long party for months and months.”
Ah, the nostalgia of DeFi summer, which first graced us in 2020, when the market danced to the tune of a $15 billion total value locked (TVL) before the bear market swept in like an uninvited guest in 2022, according to the wise sages at Steno Research.
According to d’Haussy, this “DeFi festival” will be a veritable carnival of entry points, where the seasoned veterans of the space will “shine big,” like stars in a night sky, drawing newcomers like moths to a flame. “All these projects you thought had been eaten by someone else are still there,” he reassures us, “trusted brands that will grow even stronger because people will not systematically jump on the new things.”
But wait, there’s more! D’Haussy predicts a flood of institutional interest and capital flowing into DeFi, as the market matures and the infrastructure is laid down by the titans of the industry.
“You’ve got signals the big DeFi players are getting ready for accommodating institutional players; look at the latest release from Lido.”
Ah, Lido Finance, the grand maestro of liquid staking, recently unveiled Lido Institutional, a liquidity staking solution tailored for the big fish—custodians, asset managers, and exchanges. It’s like a VIP lounge for the crypto elite.
And let’s not forget the centralized exchanges (CEX), those gatekeepers of the crypto realm, who might just usher in a new wave of users to DeFi. Some have even launched their own blockchains and wallets, or shuttered services like lending and futures to comply with licensing requirements, effectively nudging their users toward the DeFi utopia.
“The bridge we needed for CeFi users to go to DeFi is being designed by the CeFi champions,” d’Haussy explains, “and they are pushing their users, not out, but facilitating the access to DeFi and making the experience smoother.”
“They want to keep their users around their business, so we see more and more CeFi users being invited to go into DeFi.”
However, before the confetti can fall and the music can play, d’Haussy warns that the world must first settle down, and the macro conditions must ease. “I think we will have a choppy summer and possibly a mini-crisis,” he muses, “but I’m confident the crypto market will be back on track by September.”
And thus, the stage is set for a DeFi festival that promises to be anything but dull. Additional reporting by Ciaran Lyons.
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2025-02-20 05:06