So what is the current state of decentralized finance? Where are we with different scaling solutions on Ethereum? How about DeFi on other chains? And what is the most likely scenario when it comes to the future of DeFi? You’ll find answers to these questions in this video.
Decentralized Finance, together with the whole cryptocurrency space, started 2021 with a bang.
In just a few months the total value locked in DeFi grew from around $15B to an astonishing $45B.
The volume on decentralized exchanges has also been at an all-time high with over $50B traded each month.
On top of this, a lot of DeFi tokens have seen a significant increase in value which attracted even more people to this still very new space.
We’ve also seen a lot of development.
New projects popping up pretty much every day.
Already existing protocols launching their new versions.
Other well-known projects migrating or announcing their migration to different scaling solutions.
We also had some big news. For example, Visa announced they will start settling transactions in USDC on Ethereum. This is amazing not only for Ethereum but also for the whole DeFi space in general.
Despite all of this development, it seems like DeFi is at a crossroad.
On one hand, we have DeFi protocols on Ethereum exploring multiple different scaling solutions to alleviate high transaction fees. On the other hand, we have other chains trying to attract both the new and the already existing DeFi projects.
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