DeFi Ecosystems You Should Know
Although the Ethereum DeFi ecosystem pioneered Decentralized Finance, there are other DeFi ecosystems you should know. However, before going through another ecosystem, it is essential to explain DeFi and Ethereum DeFi ecosystem.
DeFi means Decentralized Finance. It stands for an innovative alternative to traditional financial institutions. That is to say, DeFi platforms are addressing the shortcomings of the traditional Fintech leveraging emerging technologies like the Internet, Blockchain, DLTs, among others.
Decentralized Finance (DeFi), are the new frontier of financial technology. Aside from pushing for Cryptocurrency adoption, it is solving existing Fintech challenges and discovering new opportunities.
Ethereum DeFi Ecosystem
Ethereum, the second most popular Blockchain, is the first DeFi ecosystem. It confirms that smart contract is not the only innovations of Ethereum in the Blockchain and Cryptocurrency space. It started in early 2018 with platforms like Maker, Dharma, Compound, and other Ethereum DeFi ecosystems.
Therefore, DeFi was first an Ethereum based innovation before other Blockchain came on board. Consequently, the Ethereum DeFi ecosystem is a financial service protocol built on the Ethereum Blockchain.
According to DeFi Pulse data, Ethereum has a total locked value of 2.6M ETH, BTC has 4k while DeFi ecosystems account for the rest. There are 168 Ethereum DeFi, which includes Gitcoin, DAI, DeBank, Aave, among others.
Other Non-Ethereum DeFi Ecosystems
According to DeFi Prime, there are a total of 213 DeFi projects listed on the platform, of which 22 are EOS DeFi, and 23 are Bitcoin DeFi. However, that does not exhaust the list of DeFi ecosystems as there are lots of promising DeFi ecosystems like Celo, Cosmos, Polkadot, Algorand, among others.
Since the number of DeFi ecosystems are rapidly increasing, let’s discuss a few.
Below are the latest promising DeFi ecosystems:
Celo is popular as the “direct competitor to Libra” for its push for financial inclusion. It started as the first layered Blockchain focusing on creating a mobile-focused decentralized stable-coin platform. Celo is trying to create and manage decentralized stable-coin at the protocol level. Consequently, integrating validators/developers at different levels to leverage the solution.
Celo Mainnet was launched recently, and according to Celo Dapp Gallery, Saving Circle is the first project on Celo blockchain. It lets you deposit your funds to the liquidity pool to enable borrowers to borrow money to buy something expensive or start projects. It also is an incubator for startups whose aim is financial inclusion. Also, Celo Gold listed on Bittrex too, It is one of the latest projects of Celo.
Cosmos is a BFT consensus powered, decentralized network of independent, parallel blockchains. It allows anyone to build their different Blockchain called cosmos zone connected cosmos hub.
The most remarkable use case of Comos is Kava and Binance Chain. Meanwhile, there are lots of other projects adopting Comos Blockchain you can find here.
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