• Sat, 24 Aug 2019, 08:15 PM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

Ethereum blockchain is the standard default for most DApps: Report

“Ethereum coin with forks on motherboard” by Marco Verch Professional Photographer and Speaker is licensed under CC BY 2.0.

Mon, 10 Jun 2019, 03:29 am UTC

Ethereum is the most commonly used platform for decentralized finance (DeFi) applications (DApps), according to a report by Binance Research published on June 6.

The market research, entitled “DeFi Series #1 – Decentralized Cryptoasset Lending and Borrowing,” revealed that a vast majority of DeFi protocols are being built on Ethereum, with collaterals collectively worth more than $500 million (over 1.5 millions of ether) as of June 5.

According to the report, DeFi, also referred as “Open Finance,” is an “ecosystem comprised of applications built on decentralized networks, permissionless blockchains, and peer-to-peer protocols for the facilitation of lending/borrowing or trading with financial instruments.”

Regarded as one of the core drivers on the Ethereum network, DeFi aims to make a permissionless, decentralized financial ecosystem available to everyone while retaining full custody of their crypto assets. The foundation of this network is reportedly on supporting crypto-asset lending and borrowing platforms.

MakerDao (MKR) and its Dai (DAI) stablecoin are one of the core pillars of DeFi. Other native assets included are ERC-20 tokens like Augur (REP), Basic Attention Token (BAT), and 0x (ZRP). All these native blockchain assets can reportedly serve as loan collateral, lendable asset, borrowable asset, and governance asset.

Although Ethereum is currently the standard default for most DApps, the report predicted that other programmable blockchains like EOS will soon be used increasingly by many other decentralized lending protocols.

Just recently, Dixy, Russia’s third-largest food retail network, has incorporated new Ethereum-based blockchain technology to its financial system that will allow suppliers to receive payments within one business day instead of the usual 2 weeks.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $10,119.20 (-2.73%)
  • Ethereum (ETH) $190.02 (-2.08%)
  • XRP (XRP) $0.273000 (-1.05%)
  • Bitcoin Cash (BCH) $307.03 (-1.86%)
  • Litecoin (LTC) $73.34 (-2.33%)
  • Bitcoin (BTC) $10,119.20 (-2.73%)
Aug 23, 2019 (Friday)
11:35
Stablecoin project Terra receives funding from HashKey Capital
10:49
Three of the founding members of Libra Association consider backing out: Report
08:55
Overstock's Patrick Byrne steps down as CEO
08:52
Pundi X brings XPOS crypto payments to Venezuela's Traki retail stores
07:22
Blockchain startup Blockstack scores strategic investment from Japan's Recruit Holdings
07:19
BitGo announces support for multi-signature EOS wallet and custody services
06:39
US Treasury blacklists crypto addresses of suspected Chinese fentanyl traffickers
06:14
Chainalysis launches ‘Chainalysis KYT Alerts’ to detect suspicious cryptocurrency activity in real-time
05:13
Cryptocurrencies used to buy fentanyl, other illicit drugs: White House
05:04
Blockchain energy startup Power Ledger extends energy trading trial in Fremantle
03:53
Blockchain accelerator initiatives launched at the University of California campuses
Aug 22, 2019 (Thursday)
13:05
Crypto exchange Coincheck mulls launching IEO Platform
12:46
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:53
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:42
Sierra Leone launches blockchain-based National Digital Identity Platform
10:43
Blockchain startup Blocko secures $7.4M in Series B+ round from major South Korean financial institutions
09:52
Crypto Technicals: Ethereum Classic ignores crypto space weakness, extends gains to break above 200-DMA
09:16
Former Zaif exchange owner Tech Bureau to discontinue crypto business after completing customer refunds
08:32
Crypto Technicals: XLM/USD bearish trend intact, hits multi-month lows at 0.06542
07:33
Russian firm ICORating settles $270K fine with SEC for concealing ICO touting payments
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft