With the rise of several blockchain platforms that offer DeFi applications and more affordable gas fees than Ethereum, it seems there could be some serious competitors in the space. Do you believe in the potential of DeFi on these alternate platforms? If so, why? Which platforms do you see as real rivals to Ethereum in the DeFi landscape, and what makes them stand out to you?
14 thoughts on “Exploring DeFi Beyond Ethereum: What are your thoughts?”
I believe there’s a world beyond Ethereum already!
Avalanche specially, alongside scaling solutions like Arbitrum and Polygon.
But even on the liquid staking space, the offer is huge! Look at how many LSDs are there listed…
Lmao there are no serious competitors because no competitor has anywhere near the same level of decentralization, security, or liquidity that Ethereum has.
These “ETH killers” are at best massively overvalued, centralized databases…and at wost, they are straight up scams.
Imo you have to make a distinction between other chains (Layer 1s) with different assumptions and lower security than Ethereum and Layer 2s that use Ethereum as the base layer. To me Layer 2s like Arbitrum or Optimism (optimistic rollups) or upcoming zk rollups such as zksync are part of the Ethereum ecosystem and are not actually beyond Ethereum but advancing and complementing it.
I’ve used Arbitrum and Optimism quite a fair bit and found it quite convenient, zk rollups are just getting started and it’s gonna be really interesting once the tech advances more. I definitely do believe in the potential of DeFi especially on Layer 2s since mainnet is too slow and expensive for actual financial applications.
For now there is really no serious competitor. There are cheap blockchains that exists already for years but somehow its not the case. There is Arbitrum which should be taking a lot pressure from Ethereum but for some reason its not happening, at least not in large scale. All new memcoins launched on Ethereum, not on Arbitrum, even though the gas price difference is enormous.
There are blockchains like MoonBeam connecting Ethereum and Polkadot, where DeFi should be playing huge role but its marginal.
There is Sei launching soon that wants to be DeFi hub for Cosmos but I dont see it taking Ethereum place.
Ethereum was first and is winning with this card in hand. On top of that ETH is top 2 cryptocurrency making it much safer/stable place than other blockchains. Also, some of the stablecoins are operating mainly on Ethereum while on other blockchains there is only wrapped version of the token. Its a risk people dont want to take
Don’t bother. Any other alternative is far riskier, more centralized, less secure, and less liquid.
While Ethereum’s switch to POS is a step in the right direction, its sustainability still leaves much to be desired. With fees remaining prohibitively high, competing projects such as Arbitrum have emerged as viable alternatives. However, I’m excited to see what QANplatform has to offer when their mainnet goes live in the coming months. With its enhanced platform, it could provide a much-needed solution to the current issues facing Ethereum. However, the space needs more innovative and sustainable options.
Radix is a total game changer. They started developing before Ethereum was even launched. Mainnet is live since 2021, smart contracts will be released 31. July. Fully sharded network will roll out in 2024.
-transaction manifest shows the user always the exact outcome of a transaction before signing
-no token approvals
-seed phrase optional thanks to multi FA like FaceID, Yubikey, authenticator etc. on the protocol level
-solution for unlimited linear scalability with atomic composability
-max finality 5 sec
-more secure smart contract language (Scrypto), most exploits we see on Ethereum wouldn’t work
-takes only 20h to learn Scrypto
-true account abstraction on the protocol level
-personas for different Web3 log ins
-optional on chain KYC with Instapass
There is nothing in the space right now that comes close. Sui and Aptos are steps in the right direction with their asset oriented language but lack essential features Radix has.
The significantly better UX, devX and security will make adoption inevitable.
Guess which chain got a full DeFi upgrade 2 days ago? My DAO is live already: https://0353f40e.gitlab.io/emerald-dao/
Zetachain, an L1 blockchain that is aiming to fix the core issues facing DeFi platforms which are interoperability and compatibility. Instead of the complexities that comes with wrapping and bridging for cross chain needs on DeFi platforms, [Zetachain](https://np.reddit.com/r/zetablockchain/comments/1376kop/defi_amm_platform_towerdefi_now_supports_twstzeta/?utm_source=share&utm_medium=android_app&utm_name=androidcss&utm_term=1&utm_content=share_button) enables DeFi platform to use smartcontract and cross chain messaging ready smart contract for interoperability or transfer of value between chains, including legacy chains like bitcoin and doge.
Haha, Ethereum can definitely be a wild ride! Personally, I’ve been thinking about what to do with my stake in the DAFI protocol ETH pool. Staking fees can be pretty high, and unstaking can be even worse. But luckily, DAFI is multichain, so I’ve been adding to my stake through Polygon and BSC whenever I get the chance. I’ve also been LPing on Arbitrum through Zyberswap – it’s been a great way to diversify my portfolio!
The space is vast and surely there’s potential on many chains… look on how synthetics like LSDs and DAFI have been playing out… all start on Ethereum and slowly moves into other chains.
Due to the size, battle test and security of Ethereum it’s hard to see any major player out of it. Multi chain and high level of compatibility is the future as I see it though.
Oasis Network will be the future of DeFi. Why? Simple, they offer confidentiality. With confidentiality DEX’s can hide the order book and slippage tolerances, which eliminates MEV attacks. With confidentiality users can also leverage their private information like credit scores or income for undercollateralized lending. IMO public blockchains have gone about as far as they can and have hit a wall because they can’t do anything that requires confidentiality, which is a huge part of finance.
There are DeFi platforms beyond Ethereum that already exist and show great promise!
Avalance, Zebec Protocol, Arbitrum are just some examples.