THELOGICALINDIAN - DeFi is not bound to Ethereum and investors are starting to bolt on
Although abounding of the cogent DeFi protocols are congenital on Ethereum, there’s still a beginning cross-chain ecosystem actuality congenital beyond Cosmos and added blockchains. With FTX’s recent announcement, investors are starting to get aflame about cross-chain DeFi.
DeFi Off Ethereum
From MakerDAO and Compound to Synthetix and Uniswap, all of the above DeFi applications are currently Ethereum exclusives.
For the aftermost two years, DeFi has best up broker interest, but these applications were bound to the Ethereum blockchain. That is, until recently.
News of FTX’s non-custodial barter on Solana has badly bigger affect for added non-Ethereum DeFi protocols. Tokens for Kava, ThorChain, Switcheo, and Band Protocol are up over 10% in the aftermost 24 hours admitting a abrupt alteration in the broader altcoin market. Each of these protocols contributes to the eyes of a cross-chain DeFi ecosystem.
Kava, congenital on the Cosmos SDK, is a agreement for multi-asset borrowing and recreates MakerDAO in a way that allows for assets like BTC and XRP to be acclimated as collateral. ThorChain (RUNE) is a DEX on Binance Chain that will eventually drift to its own blockchain and acquiesce for cross-chain asset swapping. Switcheo is an orderbook based DEX that is architecture affinity beyond Ethereum, NEO, and EOS.
Finally, Band Protocol is a alternation doubter answer account and a adversary to Chainlink.
Despite the acceleration of such projects, DeFi on Ethereum won’t be disrupted at any time soon. It’s still the best functional and complete DeFi ecosystem by far. Indeed, added blockchain articles alive on DeFi are actively architecture a arch to Ethereum to booty advantage of the all-inclusive bulk of liquidity.
Nevertheless, the bazaar is aloof alive up to the anticipation of a cross-chain DeFi ecosystem congenital on newer band one protocols.
