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) $9,796.17 (-0.01%)
  • Ethereum (ETH) $267.49 (+6.73%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $410.67 (+5.91%)
  • Bitcoin SV (BSV) $316.16 (+16.58%)
  • Bitcoin (BTC) $9,796.17 (-0.01%)
Feb 18, 2020 (Tuesday)
05:36
Binance launches cloud solution to simplify launching cryptocurrency exchanges
04:52
Crypto Technicals: BTC/USD hovers around 21-EMA (9690), potential 'Golden Cross' limits downside
04:51
Telecom giants jointly test blockchain solution for automating roaming discount agreements
Feb 17, 2020 (Monday)
13:34
Fullerton Markets adds support for cryptocurrency deposits and withdrawals
13:02
Crypto asset custodian Copper raises $8M in Series A round
12:06
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:05
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:58
CFTC sues Colorado resident with fraud in crypto-related Ponzi scheme
11:22
Crypto Technicals: ETH/USD slips below 5-DMA, 'Golden Cross' to limit downside
11:15
Central Bank of The Bahamas to roll out CBDC in H2 2020
10:45
Stellar Development Foundation joins Blockchain Association
10:21
Dubai Multi Commodities Centre to launch blockchain-based sugar trading platform
10:20
Crypto Technicals: BTC/USD holds 21-EMA support, break below could see further weakness
09:22
Binance applied for an operating license in Singapore, CEO confirms
07:23
IOHK establishes new research lab at University of Wyoming
06:53
Chinese forex regulator SAFE’s blockchain cross-border financing pilot continues expansion
05:14
Blockchain social media platform Steemit to migrate to TRON network
Feb 14, 2020 (Friday)
13:11
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
13:11
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
12:24
Israel’s stock exchange partners with Edinburgh-based startup for its Blockchain Securities Lending platform
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft