The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

13 Non-Ethereum DeFi Projects on the Move

by Edda Viktor
September 18, 2020
in HodlX
HodlX Guest Post  Submit Your Post
 

The crypto space has ballooned in exponential proportion in the last three to four years, and yet Ethereum remains the juggernaut for DApps. A report from the DApp usage tracker portal DappReview suggests that decentralized finance (DeFi) led by stablecoins contributes to most transactions on the Ethereum network. Though DeFi has yet to reach a sizable market cap compared to other DApps in the network, its impact on the network has bared Ethereum’s Achilles’ heel: scalability.

With no news of the timeline of the Ethereum 2.0 launch, other DeFi projects have taken advantage of the situation. This article will explore the non-Ethereum DeFi space, discussing the outlooks of some of these top projects and shedding light on the situation of the global DeFi market.

The state of EOS

Probably the main challenger of Ethereum’s authority in smart contracts and DApps is EOS – at least that’s its original goal. EOS garnered much hype and high hopes. However, the present status points in a different direction. Several situations, including the alleged lack of proper decentralization, have prompted many developers as well as EOS Tribes (a major block producer) to depart the project last year. Further, network spam connected with the EIDOS tokens mining has forced EOS to lower its bandwidth by several orders of magnitude in November 2019.

This is reflected in Defiprime data showing that out of 214 projects, 22 are on the EOS platform. However, diving deeper with DappRadar reveals that there are only four EOS-based DeFi applications having proper user bases.

  • Vigor Protocol – A P2P lending platform
  • Chintai – Token leasing platform
  • Equilibrium – Universal interoperable DeFi-Hub
  • EOS Microloan – Microloan platform

A rather interesting project that shows promise is a B2B fintech service provider to issue and manage secondary trade of securities.

Tron’s trajectory

Tron is another important project that grabbed global attention thanks to CEO and founder Justin’s Sun marketing prowess. However, the degree of promotion doesn’t justify its technological achievement to the mark. One of the reasons for this is Tron establishing itself as a blockchain for every direction, including the DeFi space.

Tron released over two billion USDT stablecoin (TRC-20 standard) on its network – its biggest achievement over the past year. Another move that garnered rejoice from users was that Tron also enabled free USDT transfers between most exchanges of large and medium sizes.

Though Tron is in a much better position than EOS in terms of market cap and daily users, Defiradar showcases that Tron has about three significant DeFi projects.

  • Just Network – Financial ecosystem offering lending and management setup. Though Justin Sun’s Poloniex held the JUST token IEO in February this year, it didn’t generate enough publicity given Sun’s credibility as a top marketer.
  • Oikos.cash – It’s a synthetic asset platform similar to Ethereum’s Synthetix.
  • Zethyr Finance – The first DeFi on Tron. Here users can take loans in popular TRC-20 token-based coins, including TRX.

Now, let’s shift our attention to two projects that have a lot of potential and, despite being relatively new, are lately displaying their might in the DeFi arena.

The advent of Algorand

Algorand is another blockchain ecosystem focused on DeFi. It’s an asset issuance and management platform that offers enterprise-grade infrastructure solutions. Starting in late 2019, Algorand is having a dream run in 2020, constantly pushing out upgrades and iterations like clockwork.

At the core, it employs the pure proof-of-stake (PPoS) consensus mechanism to offer the required scalability. Algorand’s standard asset (ASA) offers powerful tokenization opportunities for different asset classes. In fact, Algorand’s several powerful features are all developed on layer-1: ASA, smart contract (ASC), and atomic swaps. Algorand has recently added stateful smart contracts (like Ethereum) to its earlier stateless version, thus offering a complete smart contract feature set for the DeFi solution. Also, Algorand is made with an enterprise-grade solution in mind.

Algorand’s client list is quite long, given its roughly one-and-a-half year journey. It has brought both USDT and USDC stablecoins in its fold. Algorand has partnered with several high-profile clients, including governments, to bag important DeFi projects. These include the following.

  • Marshall Islands’ CBDC – Selected as an infrastructure platform to build the country’s central bank digital currency
  • IBMR.io – To build a microfinance system on Algorand’s platform for the urban working class of South Asia
  • Meld – Tokenizing Australia’s gold assets
  • IDEX – Support extension on Algorand blockchain to capitalize on Algorand’s popularity

The Kava Project

Based on the Cosmos (ATOM) network, Kava is a cross-chain platform for DeFi. Kava’s Tendermint-based proof-of-stake (PoS) consensus protocol allows it to offer scalability – of paramount importance for the use of decentralized finance. It launched its mainnet CDP on June 10, 2020.

Kava functions similarly to MakerDAO, allowing crypto coins to be deposited into smart contracts as collateral to pump out its USDX stablecoin. Like the Maker system, it also has a separate token called Kava for network governance. However, there is a uniqueness to this. Since Kava’s focus is on interoperability with other blockchains, numerous blockchain cryptocurrencies can be used as collateral. The first one is Binance Coin (BNB). This is easy due to Cosmos SDK powering both Kava and Binance Chain. As a first, this paves the path for BNB holders to exploit it as collateral in the DeFi ecosystem. Kava intends to add BTC, XRP, and ATOM coins as collateral assets.

Talking about Kava’s vision to Cointelegraph, Kava CEO Brian Kerr revealed that the company plans to become a DeFi hub in Cosmos’s model of hubs and zones. This shows Kava’s composability ambition, which DeFi projects on Ethereum enjoy. He further added that the architecture Kava uses allows other Ethereum-based DeFi projects like Augur and Compound to be ported to the Cosmos blockchain.

Conclusion

With the DeFi space growing rapidly, several players have joined the arena. Ethereum, in spite of all its issues, remains the biggest platform offering interoperability and composability. Yet, there are several projects like Cosmos-based Kava or EOS-based Chintai turning out to be major players in the DeFi space. Also, Algorand is slowly encroaching into Ethereum’s influence in the arena. There are several other projects with huge potential, such as Cardano, that will join in the non-Ethereum base to direct the course of DeFi.

All this means one thing: companies and users alike will have different options to suit their needs and help the space grow further.


Edda Viktor

Blockchain enthusiast learning to write and deploy my own DApp. Previously worked for the oil and gas Industry as an IT administrator.

 
Check Latest Headlines on HodlX


Follow Us on Twitter Facebook Telegram

Check out the Latest Industry Announcements
 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Industry Announcements

  • Coinbase-Backed DeSo Unveils MegaSwap, a ‘Stripe for Crypto’ Product, With Over $5 Million in Volume
    February 7, 2023
  • Chainflip Partners With Axelar and Squid To Expand DeFi to New Assets
    February 7, 2023
  • Sidus Heroes Named Number One Gaming Metaverse in UAE
    February 7, 2023
  • Binance Launches Free Tax Tool To Provide Tax Details for Crypto Transactions in First Step of Global Launch
    February 6, 2023
  • BlockJoy Secures Nearly $11 Million From Gradient Ventures, Draper Dragon, Active Capital and More To Launch Decentralized Blockchain Operations
    February 2, 2023
  • Peer Acquires Elite Team of Engineers Behind Zenly’s Popular 3D Maps
    February 1, 2023
  • Sign Up Today for the TRON Grand Hackathon aka HackaTRON Season Four
    February 1, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$23,165.21
$23,165.21
0.72%
Ethereum
$1,659.96
$1,659.96
0.9%
Cardano
$0.393732
$0.393732
0.47%
XRP
$0.40181
$0.40181
0.2%
Dogecoin
$0.09188
$0.09188
0.1%

Spotlight

  • Celsius Was Using Customer Deposits To Fund Withdrawals, According to Bankruptcy Examiner
    January 31, 2023
  • Crypto Strategist Who Accurately Predicted 2023 Bitcoin Bottom Updates Forecast on BTC, Ethereum and Litecoin
    February 3, 2023
  • Bitcoin Could Be About To Do the ‘Unthinkable’ Amid Major Trend Shift, According to Top Analyst – Here’s What He Means
    February 6, 2023
  • ARK Invest’s Cathie Wood Details Massive 2,000% Bitcoin Rally Prediction After Crypto Market Bounce
    February 1, 2023
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl