Ethereum has no monopoly on DeFi market despite having most projects

ethereum leading DeFi projects


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Decentralized technology also referred to as DeFi was still progressing in last year but had to face major setbacks due to the crypto market crash of late 2018. However, as the crypto market bounces back, the #DeFi movement is back on track as well.

This is evident in a large number of DeFi project listing that took place in March 2018 alone. More than a hundred projects were listed on Ethereum only. However, DeFi apps are not restricted to Ethereum as any app built on decentralized blockchain can qualify as DeFi.

Recently a large number of DeFi projects are beginning to appear on other networks such as Stellar, Tron, and Ziliqa. This is good news for the ecosystem as a whole, but what about Ethereum?

As the DeFi ecosystem continues to expand more and more diversity sprouts and applications managing different aspects of modern finance begin to emerge. These are some notable DeFi projects out there.

Bancor was one of the earliest DeFi projects, and it showed how to utilize the liquidity of a decentralized network to manage modern finance. It enabled create liquidity among transactions between various different tokens or among altcoins by working on the idea of smart tokens.

Fetch.AI is the defining name of DeFi projects in 2019 the project grew from the Binance Launchpad program with its native token sold out in a matter of hours. The project is currently developing a universal integration protocol in which different companies may work as smart markets, and the suppliers are linked to the demand in an efficient and supervised manner.

However, Ethereum still hosts the highest number of DeFi projects in quantity with over one hundred (100) new projects recorded recently. Some better projects existing on other networks help in maintaining the balance here. Defi network can only flourish if its diversity is protected.

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