Decentralized finance, or “DeFi,” is a fast-growing ecosystem of financial protocols built on Ethereum. From lending and borrowing platforms to stablecoins and tokenized BTC, the DeFi ecosystem has launched an expansive network of integrated protocols that are changing the way we think about financial infrastructure. But is DeFi only on Ethereum?
The short answer is no. While the vast majority of DeFi protocols are currently built on Ethereum, there are a growing number of projects that are beginning to explore other blockchain platforms.
For example, MakerDAO, the company behind the Dai stablecoin, is currently in the process of launching multi-collateral Dai, which will be available on both Ethereum and Bitcoin’s Lightning Network.
NOTE: WARNING: Is DeFi only on Ethereum? While Decentralized Finance (DeFi) is primarily built on the Ethereum blockchain, it is important to note that a growing number of platforms are now supporting DeFi applications. Though Ethereum still remains the primary platform for DeFi, users should be aware of the other options available in order to ensure they get the best experience.
In addition to MakerDAO, there are a number of other projects that are looking to launch on alternative blockchains. The 0x protocol, for example, is planning to launch on both Ethereum and Bitcoin Cash’s Simple Ledger Protocol (SLP).
And even though the vast majority of DeFi protocols are still built on Ethereum, it’s important to remember that the ecosystem is still in its early stages. As it continues to grow and evolve, we can expect to see more protocols launch on alternative blockchains.
So while DeFi is currently mostly confined to Ethereum, this is likely to change in the future as more projects explore alternative platforms. This could ultimately lead to a more decentralized and interoperable ecosystem of financial protocols that spans multiple blockchains.
9 Related Question Answers Found
Decentralized finance, or “DeFi,” is a hot topic in the crypto world these days. From yield-bearing protocols to flash loans and everything in between, this relatively new sector of the industry has taken the crypto community by storm. But with all the excitement around DeFi, one question still remains: is all of it built on Ethereum?
OpenSea is the world’s first and largest marketplace for crypto collectibles. With over 2 million unique items listed for sale, OpenSea offers the widest selection of digital goods anywhere online. OpenSea is built on the Ethereum blockchain, which enables anyone in the world to buy or sell digital assets without middlemen or intermediaries.
Decentralized finance—often called “DeFi”—refers to the shift from traditional, centralized financial systems to peer-to-peer finance enabled by decentralized technologies built on the Ethereum blockchain. From lending and borrowing platforms to stablecoins and tokenized BTC, the DeFi ecosystem has launched an expansive network of integrated protocols and financial instruments. Now with over $13 billion worth of value locked in Ethereum smart contracts, decentralized finance has emerged as the most active sector in the blockchain space, with a wide range of use cases for individuals, developers, and institutions. .
Etherscan is a popular blockchain explorer for the Ethereum network. It allows users to view and search the blockchain for transactions, addresses, and tokens. Etherscan also provides an API that developers can use to build applications on top of the platform.
Decentralized finance—often called “DeFi”—refers to the shift from traditional, centralized financial systems to peer-to-peer finance enabled by decentralized technologies built on the Ethereum blockchain. From lending and borrowing platforms to stablecoins and tokenized BTC, the DeFi ecosystem has launched an expansive network of integrated protocols and financial instruments. Now with over $13 billion worth of value locked in Ethereum smart contracts, decentralized finance has emerged as the most active sector in the blockchain space, with a wide range of use cases for individuals, developers, and institutions. .
The world of cryptocurrency is full of abbreviations and new terms. One such term is “dApp”. But what exactly is a dApp?
OpenSea is the world’s first and largest marketplace for blockchain-based digital items. OpenSea supports trading of ERC721 and ERC20 tokens on Ethereum, as well as ERC1155 tokens on Ethereum and POAP tokens on xDai. Since its launch in early 2018, OpenSea has become the go-to place to buy, sell, and discover digital collectibles and gaming items.
The ERC20 token standard became popular with the rise of Ethereum. Now, many new projects are being built on different blockchain platforms and the question arises whether ERC20 tokens can only be used on Ethereum. ERC20 is a technical standard for tokens that are issued on the Ethereum blockchain.
Web3 is a decentralized application platform that runs on the Ethereum network. It allows developers to build and deploy decentralized applications, or dApps, that run on the Ethereum blockchain. The web3 platform is often compared to other decentralized application platforms such as EOS and NEO.
