August 20, 2022

Too little, too late? Ethereum losing DeFi ground to rival blockchains

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2021 has been a great year for Bitcoin (BTC) and crypto in general. However, Ethereum and the decentralized finance, or DeFi, sector have outshined other niches of the cryptocurrency space, dazzling the community with enormous growth in terms of popularity, engagement and sheer volume, with the total value locked currently sitting at around $56 billion, according to DappRadar.

The nonfungible token, or NFT, space is also seeing unprecedented growth. Many believe 2021 is shaping up to be the year of NFTs. However, DeFi continues to thrive, especially on the Ethereum blockchain where developer and user activity surpasses that of any other blockchain.

However, it’s no secret that Ethereum is currently at a decisive point. Congestion and high gas fees are plaguing the network and making decentralized exchanges, or DEXes, almost impossible to afford for common users who want to make small to medium-sized trades. Even simple transactions can cost more than $10. Banks aren’t so jealous anymore.

DeFi is looking for alternatives

On March 3, SushiSwap, the popular Uniswap fork known for its contentious inception through a vampire mining attack, announced that the DEX Title: Too little, too late? Ethereum losing DeFi ground to rival blockchains
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Published Date: Thu, 11 Mar 2021 18:47:00 +0000