DeFi expands beyond Ethereum this year with the launch of ETH 2.0 and beacon chain marking a significant milestone at the end of this year so let’s find out more in today’s crypto news.
A few years in development and a subject of multiple delays, many were skeptical that this will even happen before the end of the year so even now that ETH 2.0 is launched, there’s a long road ahead as the core developers are having challenges implementing a sharded blockchain. The events of 2021 underscored how bad the scalability is needed for ETH’s applications and now with the explosion of the DeFi markets, they are entirely dependent on Ethereum which will result in even higher network congestion and high transaction fees. The fees hit a new high of $9.79 in early January.
Given the long timeline for a scalability upgrade, the increasing fees and pool user experience that could result from slow block times so Defi developers are now starting to look to other blockchain platforms but what’s more, to it, doing this no longer means that an isolate will be chosen from Ethereum’s buzzing ecosystem. 2020 was a landmark year for blockchain interoperability with a few platforms like NEAR Protocol, Solana, and RSK with a bridge between their own networks and ETH. Back in May, the launch of Polkadot on the main net gave a huge boost to interoperability.
RSK was one of the first to announce that it launched an interoperability bridge between its own network which is a side chain of BTC and ETH. The move marked the first time which could make the assets travel directly between the BTC and ETH ecosystems. RSK was already home to Money on-chain which was the Defi application that was developed on the platform and the first stablecoin to be collateralized by BTC. Money on-chain expanded its range to include a leverage Bitcoin token and a stablecoin backed RIF Token.
As DeFi expands beyond Ethereum, Solana launched on the mainnet in beta back in March which was a more scalable blockchain platform to rival ETH. In Early 2021, the project gained a strong boost when FTX exchange founder selected the platform to launch Serum as it was described as “faster, cheaper, and more powerful Defi.”
Another scalable ETH alternative, NEAR Protocol, launched on the mainnet back in October 2020 so the Defi news started to emerge right after. First established Ethereum-based Balancer Defi protocol, announced it will bring programmable liquidity to the platform. Balancer is one of the most popular apps in Defi and sits with over $775 million locked.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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