Assets, Ethereum

Is DeFi Only on Ethereum?

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.

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