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There is no shortage of innovative DeFi projects in 2020. Far from it, this year appears to be the one where the DeFi sector could be ready for the limelight. However, what DeFi projects are really setting themselves apart - and is it possible to develop socially innovative DeFi solutions? This article explains everything there is to know about decentralized finance and DeFi innovation!
Those keeping an eye on either the field of finance of blockchain technology will have heard about DeFi. DeFi, short for Decentralized Finance, is a technology that promises to change the existing financial ecosystem. If this sounds dramatic, it is because it is.
The recent flurry of DeFi innovation has been a long time coming. Relying mainly on the Ethereum network and blockchain-driven smart contracts, the DeFi ecosystem began growing in the shadow of the Bitcoin boom and cryptocurrency craze. Nevertheless, DeFi innovation never got as much attention as the glitzy world of crypto....
When it comes to building and hosting DeFi protocols, Ethereum pretty much rules the roost. As per DeFi Pulse, a staggering $872.20 million is locked up in Ethereum-based DeFi. However, as it turns out, Bitcoin has been making impressive leaps in the DeFi department themselves. In this article, we are going to go through some of these Bitcoin DeFi apps. Before we do so, let’s go through the basics first.
While cryptocurrencies plan on creating an open currency system that gives you complete control over your own money, DeFi aims to take things a little further by building a public, global, and all-inclusive alternative to all the financial services in the world. As ambitious as this sounds, this was previously impossible on the Bitcoin blockchain. However, with the advent of Ethereum and smart contracts, such implementations soon became probable.
Smart contracts allow developers to create decentralized applications or dApps. As the name...