Ethereum is the most commonly used platform for decentralized finance (DeFi) applications (DApps), according to a report by Binance Research published on June 6.
The market research, entitled “DeFi Series #1 – Decentralized Cryptoasset Lending and Borrowing,” revealed that a vast majority of DeFi protocols are being built on Ethereum, with collaterals collectively worth more than $500 million (over 1.5 millions of ether) as of June 5.
According to the report, DeFi, also referred as “Open Finance,” is an “ecosystem comprised of applications built on decentralized networks, permissionless blockchains, and peer-to-peer protocols for the facilitation of lending/borrowing or trading with financial instruments.”
Regarded as one of the core drivers on the Ethereum network, DeFi aims to make a permissionless, decentralized financial ecosystem available to everyone while retaining full custody of their crypto assets. The foundation of this network is reportedly on supporting crypto-asset lending and borrowing platforms.
MakerDao (MKR) and its Dai (DAI) stablecoin are one of the core pillars of DeFi. Other native assets included are ERC-20 tokens like Augur (REP), Basic Attention Token (BAT), and 0x (ZRP). All these native blockchain assets can reportedly serve as loan collateral, lendable asset, borrowable asset, and governance asset.
Although Ethereum is currently the standard default for most DApps, the report predicted that other programmable blockchains like EOS will soon be used increasingly by many other decentralized lending protocols.
Just recently, Dixy, Russia’s third-largest food retail network, has incorporated new Ethereum-based blockchain technology to its financial system that will allow suppliers to receive payments within one business day instead of the usual 2 weeks.
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