DeFi ushers in new milestones, finance is still Ethereum's main use case

Ambcrypto reported on February 10 that in the past few months, decentralized finance (DeFi) has continued to grow and reached a new milestone, with a total locked-in value (TVL) of more than $ 1 billion.

business-3085138_960_720

Image source: pixabay

Interestingly, the use of Ethereum in DeFi continues to expand, because so far most decentralized financial ecosystems are built on top of Ethereum. Camila Russo, the founder of DeFi-focused newsletter "The Defiant", said in a recent podcast that DeFi is one of the most important applications of Ethereum. He said:

"I think that in this regard, finance has become the main use case of Ethereum at present because it occupies an important position in the non-blockchain and traditional economy. It is very old and mature and may be subverted at any time. We We still rely on many intermediaries, we still have to pay such high fees, we are still confined to where we were born, and we still have limited financial services. There are many obstacles to the flow of value and money. "

While discussing the existence of content Internet, the author emphasizes the necessity of the existence of value Internet. Content can be modified, saved, and shared worldwide, but value cannot do it. Russo believes that the blockchain solves the fundamental problem of creating a true "Internet of Value."

qw-1024x329

DeFi monthly independent user chart on Ethereum in 2019 | Source: Binance Research

Although the birth of Bitcoin is the first step to achieving this goal, Russo believes that by allowing "value use cases to be used in a decentralized manner," Ethereum "can and is further advancing this goal with programmable currencies." . The former Bloomberg reporter further added:

"This is a big event that needs to happen, and there needs to be a way to really control its own value. When Ethereum provides a way to do this, you will see a use case that really fits it, and then people will also Will be really excited. "

The price of Ethereum has also begun to rise this year. As of press time, the price of ETH is around $ 220, which has increased by more than 1% in the past 24 hours. In addition, the cryptocurrency has a market value of approximately $ 25 billion and a 24-hour transaction value of $ 15 billion.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Bitcoin

The Epic Saga of Bitcoin ETFs and Crypto Gaming

Bitcoin ETF mania not only boosts Bitcoin prices, but it's also re-energizing interest in crypto gaming, reveals Anim...

Blockchain

Was brought to court by the SEC, TON shouted: the past one and a half years have been trying to communicate without results

Last Saturday, the US Securities and Exchange Commission (SEC) suddenly announced that Telegram's $1.7 billion t...

Market

Exclusive Interview with Yuga Labs We are more like Tencent of Web3, constantly changing the rules of NFT games

During the Token2049 conference, BlockBeats reporter had a conversation with Daniel Alegre, the CEO of Yuga Labs, dis...

Opinion

TON Ecological Project Inventory Deep Integration with Telegram, Can it Unlock the 800 Million User Traffic Password?

Author | Defioasis Editor | Colin Wu Note This article is only for information sharing and does not endorse any of th...

Blockchain

Foreign media: court documents show that New York Mellon Bank and Credit Suisse participate in Telegram's $ 1.7 billion token sale

According to reports, two global financial giants, BNY Mellon and Credit Suisse, participated in Telegram's $ 1....

Blockchain

Telegram CEO: TON no longer retains any tokens after TON is released, and has now stopped spending resources on development and testing

Telegram CEO Pavel Durov testified about the company's alleged violation of U.S. securities laws during a $ 1.7 ...