By tripplea1 | Web3 ecosystem | 26 Apr 2022


This article should not be regarded as a financial advance, but for educational purpose for everyone who want to see beyond the hype around defi, and for builders who can leverage on the blockchain technology to provide and build a system to solve problems.

The web3 world that powered decentralization has been evolving, and there are questions concerning the possibility of true decentralization at this stage. This has been some major problems that normally follows a new innovation.  There is no doubt that as web3 continue to unfolds with builders creating and building a system that surpass the current hype, the true value and the change that web3 can bring will fully emerge.  Apart from the major defi protocol focusing on swapping, staking, lending and borrowing, there are more things to be included for an ecosystem and for web3 application to fully upgrade to the position of a decentralized banking system. The focus is to build an application and protocol that can replicate the major uses of banking system in a decentralized way and also what a decentralized banking protocol should contain. Here are my thoughts on what a single ecosystem focusing on building a web3 banking system should have.


To accurately define DEFI which means decentralized finance, the concept of decentralization should be made know. Decentralization in simple terms is a system that the network is control by all and not by a single or few individuals. Decentralized finance (DEFI) is an aspect of web3 in which the finance sector will be controlled by each individual sharing the power controlled by the centralized banking system to every participant in the system. In a simplest form, I will cite the statement of @ANTHONY.GMT on twitter “THE WORLD OF DEFI ALLOWS YOU TO BE YOUR OWN BANK AND ALSO BE YOUR OWN BANKER”. With the advancement in DEFI, it will be ridiculous to override different ecosystem powering the decentralized such as staking, lending and borrowing, swapping etc. Since DEFI is the decentralized form of centralized finance with a touch of new innovation, it is important to look at what a decentralized banking system should look like in a single ecosystem by replicating major services of centralized system in a decentralized way. Under this, I will be citing some platforms that are playing a bigger role in each aspect of decentralized banking system.


The decentralized finance system fully relies on a wallet which represent where any individual can save their money, send money and receive money from anywhere around the world. A decentralized wallet helps to connect with different dapps and unlike the centralized banking system, it is control by each individual with a mnemonic phrase as a password to be in control of their funds. To experience a full decentralized banking system in a single interface, there is a need of a wallet that connect with different dapps to enhance swapping, staking, and others activities.


The varieties of different blockchain networks calls for a decentralized system that can enable seamless transaction between two different blockchains. The cross-swapping mechanism is needed for users to be enable to swap tokens on a different blockchain network.  With more emergence of competitive chains and networks, there will be a need to solve the problem of the difficulty in swapping between different blockchain. The SYMBIOSIS NETWORK is playing a bigger role to facilitate cross-chain swaps. Here is brief introduction to symbiosis protocol


One of the functions of the centralized banking system is the means through which money can be transferred between two parties as a remittance or a payroll. While the central focus of major defi protocols revolves around swapping, staking, lending and borrowing, we cannot delude from the fact that there is a need for a decentralized protocol to facilitate the payment of money in a decentralized way. An ecosystem playing a vital role in this aspect of web3 is MEANFI through their money streaming protocol that made possible and automated way to make payment continuous overtime between two parties. There is no doubt that this innovation will be specific in web3 banking system. I will be writing an article on MEANFI ecosystem, their roadmap, benefit and the role they can play in web3 banking system next.


The concept of web3 and decentralization relies on individual ownership of their data and to permanently be in charge to give access to any authorized protocol they wish. Instead of having a long address like (0xd2dB…9343) everywhere, when interacting with dapps like defi, nft, games, social, gambling, or apps like wallets and exchanges, there can be an easy-to-read account or identity that can bring all these cold addresses together in which when interacting with different protocols, it will appear inform of a registered account name like “Tripple.bit” “Tripple.eth” instead of lengthy address. This name can serve as a decentralized identity to receive funds from anyone, it can also serve a domain where the owners account and data can be stored that cannot be accessible to unauthorized protocol or persons. The DAS PROTOCOL is the one of the major players in the ecosystem powering decentralized identity {DID}.


The problem of payment across different counties remains dominant even with the rapid increase in defi ecosystem and protocols. While it is easy to send and receive token like Bitcoin, Ethereum across the planet, it is still impossible to perform cross-border payment in native currencies without the centralized system which cause much time and high fee to send and receive money. These challenges facing the decentralized way of transferring local currencies has been confronted by MULA FINANCE to decentralized cross-border payment across African counties while at the same time expanding their ecosystem to pioneer cross-border payment across the globe.


There is a need to channel our energy by focusing on what a single decentralized banking system should look like and building decentralized application to solve the major problem affecting the onboarding of people from centralized system to decentralized system by given them a solution easier than what they have been using.  The web3 ecosystem will continue to develop and reward builders that are solving major problem to make life easier. While this article might point out some important aspect of decentralized banking system, it might exclude some important thing which you can add in the comment box. I am also looking forward to connect with like-minded people in the web3 space to work together by providing a service of a writer, adviser and a community manager.

Thanks for reading.

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My name is Damilare Alabi a crypto enthusiast, technical analyst and a Web3 content writer.

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