Since the year 2021 began, the decentralized finance (DeFi) has distinguished itself among other sectors within the crypto-space. Decentralized finance (DeFi) has introduced several projects and products that have made a huge difference in the cryptocurrency market.
In a matter of 5 months, the cryptocurrency industry has grown so much that it has caused a huge ripple in the entire crypto-verse. The most astounding factor about this ripple is, that it has not limited to the cryptocurrency industry. It has even spread across the real-time world where it is now impacting the global supply of money.
One of the major factors behind the decentralized finance (DeFi) sector’s success is the products it has introduced in a matter of months. The decentralized finance (DeFi) sector has offered investors high potentials for earning yields through Bitcoin (BTC), altcoins, and stablecoins.
It may be true that since the beginning of 2021, Dogecoin has remained the center of attention for the entire cryptocurrency sector. Its price rally, interest, and adoption among many mainstream institutions, somewhat earned it the top spot in the headlines so far.
However, the on-chain data analyzing and research firm called Delphi Digital has also shed some light on the Ethereum network. The firm has highlighted the role of the Ethereum (ETH) network for the fast growth and development of the decentralized finance (DeFi) sector.
While the rest of the industry continues to gain progress and momentum, the Ethereum (ETH) network has been gaining a lot of surges, growth, and price rally.
The Ethereum (ETH) platform has provided support to so many projects and has observed how these projects have gained tremendous adoption. Some of the major projects backed by the Ethereum network include Terra (LUNA), Polygon (MATIC), Avalanche (AVAX), Solana (SOL), BSC, and Ethereum.
The stats show that the projects mentioned above are all running through the Ethereum-based platforms. Furthermore, these networks have gained enormous attention and rally that they now account for 34% of decentralized finance (DeFi) platform’s TVL.
The stats show that the ecosystem offered by BSC comes at the second spot when it comes to being the fastest-growing ecosystem in the DeFi sector. The reason behind its success and great rally is the ecosystem offered by Binance. Binance is the largest crypto exchange and has the potential to lead and push startups with an abundance of resources.
The three top protocols that the BSC network currently offers are PancakeBunny (BUNNY), PancakeSwap (CAKE), and Venus (XVS). At the time of writing, the total value locked for the Binance-based ecosystem is $49.1 billion.
Then there are stablecoins that are also offered by the DeFi sector. Since their launch, stablecoins have played a tremendous role in the advancement and growth of the ecosystem. The currencies such as USDC and USDT are playing a huge role in placing digital currencies on the map.