Life beyond Ethereum: What layer-one blockchains are bringing to DeFi
Ethereum is the dominant force in DeFi, and layer-two solutions are a promising alternative, but the layer-one blockchains are not done just yet. Issues with Ethereum congestion and high fees have led to many companies adopting layer-one solutions like Optimistic Rollups, OMG Network and many others. These platforms allow transactions to be created outside of the Ethereum network on what are known as “sidechains,” which then can be reconciled on the main Ethereum network in one simple transaction.These layer-two options are gaining a lot of traction in anticipation of the release of....
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A Chainalysis report analyzes the layer-1 blockchain ecosystem, questioning if alternative L1s will continue to challenge Ethereum this crypto winter. Given Ethereum’s dominance coupled with the current crypto bear market, it remains questionable if L1s will flourish. This was recently highlighted in a Chainalsys blog post entitled “New layer 1 blockchains are expanding the DeFi ecosystem, but no ETH killers yet.” Ethan McMahon, an economist at Chainalysis, told Cointelegraph that Chainalysis published this report to raise awareness for the current L1 ecosystem:While Ethereum allowed....
Will layer-two scaling solutions solve all the challenges that enterprises face with public blockchains? At the end of 2019, research firm Forrester and Big Four firm Ernst & Young, or EY, published a report surveying the adoption of public blockchains by enterprises. Findings revealed that 75% of respondents were likely to use a public blockchain in the future.Although this was the case, the report also found that most enterprises were still using private blockchains to ensure security, privacy and scalability. What was also noted in the survey as the top three concerns regarding public....
Bitcoin still remains the top crypto project in the space. But it no secret that Ethereum has been quickly catching up with the pioneer cryptocurrency. Ethereum’s decentralized finance (DeFi) use cases have been the major contributor behind this space as investors have flocked to the blockchain to earning returns on their crypto holdings. This has given rise to popular Layer 2 solutions like Polygon. Recently, co-founder and COO of Polygon Sandeep Nailwal was on Cointelegraph to talk about the future of the leading smart contracts blockchain. Ethereum is the number 2 layer 1 blockchain,....
At the time of writing, the total value locked (TVL) in decentralized finance (defi) is around $176 billion across various blockchains like Ethereum, Binance, Terra, Polygon, Solana, and Avalanche. While Ethereum commands $130 billion of the aggregate total locked, a myriad of other defi-fueled blockchains continue to see TVLs steadily rise.
Total Value Locked Across All Defi Compatible Blockchains
The total value locked (TVL) in defi today has risen to $176.9 billion with a change of 1.07% during the last 24 hours, according to defillama.com statistics. The TVL has been....
As second layer scaling matures for Ethereum, Vitalik Buterin urges the community to grow beyond the confines of DeFi. During his keynote at the EthCC conference in Paris, Ethereum co-founder and lead developer Vitalik Buterin implored the Ethereum community to innovate beyond the confines of decentralized finance.Describing non-financial utilities as “the most interesting part of the vision of general-purpose blockchains,” Buterin lamented that financial applications currently “dominate the Ethereum space.”“Being defined by DeFi is better than being defined by nothing. But it needs to go....