Decentralized finance has shown the 1% that the masses do not have to remain subjugated to the wills of the financial ruling class. Global citizens do not have to yield to a financial system that benefits a privileged few; rather, they can utilize tools for financial freedom. With this ethos in mind, Radix has created the Goodfi Alliance, an initiative with the goal of enhancing financial sovereignty for users by introducing them to DeFi applications.
Radix is a decentralized ledger platform with a focus on DeFi applications, so the creation of this group was natural for the development team. Collaborating with some of the most influential entities in the space, AAVE, Chainlink, Messari Capital, and mStable, this newly formed conglomerate plans to flip the legacy financial system on its head. Some of these projects are competing within the same sector, and others are unique, so Goodfi will never promote a specific blockchain or DeFi platform. Instead, Goodfi will spread the potential of these technologies as a whole.
A Three-Pronged Approach
Intending to reach one hundred million new users who are willing to deposit at least $1 into the DeFi universe, Goodfi has a lot of work ahead of itself. Backed by some of the most successful investment firms and multi-billion dollar cryptocurrency projects, the Goodfi team has a lot to offer in terms of expertise, time, money, and development capabilities. They are not capping 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 they need to overcome in order to adopt DeFi. These groups consist of traditional financial users, the unbanked and disenfranchised, and established companies and organizations. Goodfi will be creating different content and offering different methodologies depending on the group, but in general, Goodfi plans to proselytize DeFi by using education, research, and awareness.
Education, Education, Education
Education is essential for long term success, one of the reasons any parent who wants their child to have a bright future emphasizes a commitment to the cause. For DeFi, this education will have to be all-encompassing, as there is not much of a predecessor to establish the groundwork. This means walking users through blockchain, cryptocurrency, and DeFi topics, as well as helping users access digital assets with which to transact. Goodfi and its contributing members will be regularly releasing educational material to educate the masses on the opportunities, risks, and potential that DeFi brings.
The next aspect Goodfi will focus on is research, an essential part of developing a data-driven thesis. Many of us involve ourselves in the blockchain on a daily or weekly basis, making it easy to forget that ‘normal’ people still don’t have a clue what decentralized finance is or what it can enable. The research will help in clarifying many of the concerns and questions new users can have on the efficacy of DeFi platforms. This will be good for all, as it will also challenge the assumptions that more seasoned veterans may have unwittingly made throughout their DeFi journey.
The last point of focus will be DeFi awareness, a cornerstone of establishing the sector in mainstream consciousness. DeFi has ballooned to over $40 billion in terms of total value locked in just over a year, but this is only a drop in the bucket when looking at the total financial industry. Awareness involves opening users’ eyes to the choices in front of them, including showing them how they are regularly swindled by controlling powers, from banks to credit agencies. Goodfi wants to make everyone more aware of the possibilities that genuinely fair and free markets allow, which is only available when centralized bodies do not have more power than the users of the network.
If Goodfi can reach its goal of one hundred million users by 2025, we’re all in for a wild ride.
