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Web3 executives are confident that decentralized finance (DeFi) will have a bright future despite the fact that the DeFi space has been a hub for various hacks and exploits since it emerged. The executives explained that for broader adoption of DeFi, it is important to educate institutions and investors about it, as well as remove user experience barriers for retail investors. 1inch Network co-founder Anton Bukov highlighted that recent shenanigans in the world of centralized finance (CeFi) have exposed the importance of DeFi. He believes that over time, financial systems around the world will surely switch to Web3 solutions. “My advice for any DeFi project is simple: do not be lazy to carry out several security audits before launching any update, this will save you a ton of nerves and, most likely, user funds,” Anton said, explaining the importance of security audits and pushing for better security measures. Primex Finance co-founder Dmitry Tolok said that more insurance protocols could help broaden DeFi adoption while talking about DeFi security. He further said that a mature market with better mechanisms to deal with vulnerabilities would result in greater investor confidence. Alvin Kan, executive at BNB Chain, spoke about the importance of education to help broaden DeFi adoption. He explained that given the digital and permissionless nature of decentralized finance, there will always be risks, but the risks can be minimized if users understand what they are doing. Zachary Vann, World Mobile executive, explained the importance of working on the user experience. He believes that DeFi can be challenging for newcomers and can overwhelm them, and once the user experience issue is lowered, the barrier to entry will drop, leading to many more retail investors investing in DeFi.Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash