Some years back, it was impossible to think that DeFi applications being built on the Ethereum platform would have the “gambling” tendencies. Ethereum community members had labeled the applications built on the then budding platforms of EOS and TRON as.
According to one of ETH core developer, Lane Rettig, years later, and with top Ethereum dapps being DeFi applications, one would not be mistaken if he calls Ethereum: a casino.
When EOS and TRON began operation, most of the applications being built on them were mostly gambling applications which led to most people deriding the platforms for lacking input on serious and matured use cases.
How Ethereum DeFi applications began the descent
Recent top Ethereum applications have been DeFi applications that were built primarily on smart contracts.
DeFi is a new industry in the cryptocurrency market which many new investors are beginning to sit up and take notice of because of the immense opportunity they have to make a quick buck or two from the industry. In this case, the decentralized feature of the platform places its token holders in firm control of what the interest rate and currency value is.
Today, DeFi applications are proliferated and have led to a massive increase in the numbers of transactions while also making the price of gas rise too which has resulted in making the network quite challenging to maintain because of its speed and the expensive cost of its network usage.
The abundance of the DeFi applications has led to the rise of Tokens that have little to no value blowing up and crashing suddenly because they are neither mature nor sustainable.
Basically, the networks have become far busier and gas has become far more expensive that it will be foolhardy to use the ethereum network to try out other functions apart from DeFi transactions which has led to a massive unraveling of non-DeFi applications who are unable to compete in the market because of the high cost of doing business.
However, we should still note that DeFi applications have come up with a level of innovation that could, someday, have a positive impact on the everyday people.