Ethereum Still The King of DeFi

Ethereum was the blockchain that almost all DeFi platforms wanted to be on because, it is the king of DeFi. Undoubtedly the king, because in 2020, we saw it dominate the DeFi space, the blockchain has a technology so great that it accommodated a lot of improvement in the technology. This is the reason it is believed that Ethereum will likely flip bitcoin because, if you look at the space, it has all the potentials of flipping bitcoin.

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Looking back at the crypto DeFi space, you can see or recall when the total DeFi space or about 95% of the DeFi space were accounted for by Ethereum, this motivated other blockchains to get created so as to accommodate the DeFi space also. Just few days ago, Binance celebrated 2 years since the launch of the BNB chain, this is one of the chain that were created so as to make the DeFi space more competitive and volatile as a means of providing alternatives. So you see, the king of DeFi, Ethereum paved way for the rest, but currently doesn’t account for up to 50% of the DeFi space. This is just like a DeFi dominance, from dominating 95% of the DeFi space to dominating below 50% of the DeFi space. Is there a prince of DeFi in the DeFi space coming or gearing up
For the Defi throne.

Ethereum gas fees issues was the only reason I didn’t try the DeFi space on the Ethereum space, this was the reason I chose the BNB Chain all thanks to CUBdefi where I had my DeFi investment. The gas fees was quite low and seemed great, compared to the Ethereum blockchain, then polycub made me get a taste of DeFi on the polygon blockchain. The gas fees is really low on the polygon blockchain compared to the BNB smart chain, but the security of each blockchains matters. The Ethereum blockchain is undoubtedly the most secure compared the rest, one of the reasons people prefer to use Ethereum Blockchain regardless of its high gas fees.

We have the Terra blockchain that was looking like a platform that was about to make people run for their money but unfortunately, the crash happened and no one cares about it anymore. Except for trading where people want to make quick profit off the market. With the transition from the proof of work to proof of stake, it was expected that gas fees will be reduced to almost 90% but the Ethereum foundation clarified it won’t affect the gas fees. This would have compensated Defi stakers to switch to Ethereum for more staking.

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