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- 1 With a larger number of developer community building projects on Ethereum blockchain, Ethereum surpasses all by noted margins.
- 2 The transition of Proof of Work consensus to Proof of Stake mechanism is expected to enhance the capabilities.
Ethereum has the largest number of DeFi dApps and it has promising capabilities in hosting in dApps and DeFi. Decentralized Finance (DeFi) is the new era in the financial sector. Nobody wants boundations, which are regulations governed by some authority, when it comes to finance. DeFi apps facilitate this as they are not governed or centrallized.
They bring transparency to the finances. DeFi dApps on an Ethereum blockchain helps to trade digital assets particularly on this chain. We will find some of the top DeFi Apps on the Ethereum blockchain.
Some Ethereum Ecosystem DeFi dApps
There are many DeFi apps running on the Ethereum blockchain, but some of them are listed here with more than 1 Million in volume.
MetaMask Swap: It is basically a cryptocurrency desktop or mobile wallet based on Ethereum blockchain. MetaMask permits the transaction of Ethereum based tokens. It is trusted by approximately 5 Million users worldwide, and has a count of 5.84K unique address wallets. This shows the number of active wallets performing the transactions. It has a volume of $8.9 Million which highlights the number of incoming dApp transactions in the fiat value.
MetaMask Swap aggregates with various decentralized exchanges to bring the best exchange rates. It charges the service fee of about .875% of the transaction amount.
The mobile app versions are planned to release in 2019. Before that, it was available only on desktop. Later in 2020, iOS and Android versions were released publicly.
1 inch Network: It is a distributed DeFi aggregator. It works on multi chains like Ethereum, we do not mention BNB, Avalanche, etc. It provides transactions in an easy and secure way across multiple liquidity sources. It facilitates services as a mobile platform through a secured environment where one can store and trade the digital assets.
dApp status shows it has 15.53K unique address wallets, and a volume of $196.47M. It has a transaction of 20.19K. It reached over 1M users in the last two years. It has exceeded nearly 140B in overall volume only on the Ethereum network.
1inch Network was founded in May 2019 by two Russian Developers. It was built on the Ethereum blockchain. It basically searches different decentralized exchanges for the cheapest price and carries forward the customers to trade between them getting the best cheapest prices.
In June 2022, it was claimed to offer access to about 50 liquidity sources on Ethereum. It helps to find the cheapest way to trade digital assets.
Lido: It is built on the Ethereum 2.0 Beacon Chain, and is a decentralized staking platform. It also supports other blockchains like Solana, Kusama, and Polkadot. It has #39 positions in DeFi. dApp stats show it has UAW of 462, transactions is 509, volume of $48.96M. Users can deposit Ether to the smart contract and receive stETH tokens in return. Afterwards, the tokens are staked with the DAO picked node operators.
It was founded in 2020 and is a liquid staking solution for proof of stake cryptocurrency. The key features include managing the fee structure, parameter, and distribution. It also looks at adding and removing node operators on the network, determining staking fee rewards etc.
Stargate: It is a fully independent cross chain bridge. It preserves the independent token being sent between the chains. It is built on LayerZero and it permits the transfer of native tokens between different blockchains like Ethereum, BNB, Avalanche etc. It holds #1 position in DeFi. As per 24H dApp stats, it holds the UAW of 114.35k, transactions of 155.56k and volume of $92.09M.
ETH2 Deposit Contract: This is a deposit contract allowing the user to submit and transfer the funds from Ethereum mainnet to Beckon Chain, a parallel proof of stake network. As per dApp stats, it has UAW of 31, transaction 536, and volume of $32.19M.
DeFi apps, thus, gives the facility to buy, sell, and trade the cryptocurrency. Since it runs on blockchain,no individual has control over the network. Hence, no governance is there.
A lot of innovative innovations are now booming on Ethereum. It is the most widespread blockchain; so, it provides a very enhancive platform for creating the DeFi projects. Thus, the majority of DeFi projects are built on Ethereum. But now Cardano, Solana etc., are also developing similar applications.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
