Decentralized Finance Development: A Brief Guide
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Decentralized finance development makes use of blockchain technology and offers access to financial services for everyone in the world without the involvement of any intermediaries. It mostly operates through DApps on platforms like Ethereum. It is permissionless in nature and uses public distributed ledgers in its daily operations. It covers majorly borrowing, lending, investment, payments, insurance, trading, and asset management.
The Enormous Rise of Defi Development
➼ According to DeFi pulse, which closely tracks the industry, a whopping $14.17 billion have been allocated for various projects.
Some of the heavyweight projects include MakerDAO, Compound, Aave, Uniswap, Synthetix, and Balancer.
➼ Ethereum has the largest number of applications, user activity, and in volume traded.
➼ EOS possesses a huge transaction volume.
➼ Bitcoin has a successful DeFi application named the Lightning Network. It offers instant payments enforced by smart contracts, is scalable, charges very low fees, and offers cross-chain atomic swaps.
➼ DeFi will get a big boost if Ethereum 2.0 is successfully launched in December 2020. It will optimize the network architecture without compromising on security and scalability.