Top Five DeFi Developments to must-watch in 2021 - Brugu Software Solutions - Blog

Top Five DeFi Developments to must-watch in 2021 - Brugu Software Solutions - Blog

This blog examined the top five emerging trends in the decentralised finance (DeFi) sector in June. DeFi was still in its infancy at the time. It was an exciting new movement that had just reached the $1 billion total value locked (TVL) milestone—the number of crypto funds deposited by users…

This blog examined the top five emerging trends in the decentralised finance (DeFi) sector in June. DeFi was still in its infancy at the time. It was an exciting new movement that had just reached the $1 billion total value locked (TVL) milestone—the number of crypto funds deposited by users to decentralised applications (dApps).TVL would reach $2 billion by the end of the month and more than $15 billion by the end of 2020. 1 Today, as the movement shows no signs of slowing, several key trends have become established, while others are worth keeping an eye on as space develops throughout the year. Let’s look at what they are and why they are important.

DeFi Is Growing: Follow the Developments Shaping the Movement in 2021

  1. Scaling Solutions Become Priorities The popularity of DeFi dApps is putting a burden on the Ethereum network, resulting in higher transaction (or gas) fees. Simple token transfers can cost a few dollars as of this writing, whereas complicated smart contract transactions like launching a Vault can cost hundreds of dollars or more. Ethereum 2.0 will eventually address the network’s ongoing gas problem, as well as other concerns, allowing it to expand to the point where it can sustain general usage. However, the update will be implemented in stages (the first of which, Phase 0, will begin on December 1, 2020) and will take several years to complete.

Meanwhile, developers are working on interim and complementary solutions to facilitate the launch of large-scale dApps before Ethereum 2.0 is fully released.

Moving some coins and actions to child chains on the Ethereum network is one option. Matic Network2, which is now part of the Polygon suite of scaling solutions, is an example of this. Matic transactions are quick and affordable because they take place on sidechains.

Another technology allows developers to bundle transactions off-chain and submit them to the main blockchain in batches.3 Those bundles, called Rollups (also offered by Polygon), could enable Ethereum to support a 200-fold increase in transactions.

  1. Users Embrace AMM-based DEXes Automated Market Makers (AMMs) offer an entirely new concept for decentralised exchanges (DEXes), replacing traditional order books with liquidity pools and pricing determined by an algorithm based on supply and demand. 4 Instead of trading directly with other users, users trade through a smart contract-based liquidity pool. It’s a simple and easy-to-use solution for trustless crypto trading that avoids the challenges and complications of migrating established exchange systems to the blockchain.

Find more details read this blog:https://brugu.io/blog/top-five-defi-developments-to-must-watch-in-2021/

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