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21 September 2021

The future of DeFi is spread across multiple blockchains

The future of DeFi is spread across multiple blockchains

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The majority of these decentralized applications (DApps) are run on Ethereum, which saw activity on the network increase during 2020.

But as activity on Ethereum increased, so too did the network’s transaction fees.

In May, it was reported that Ethereum gas fees were skyrocketing.

Due to its prominence and longstanding presence in the market, Ethereum has the first-mover advantage and remains the most significant blockchain within the DeFi ecosystem as of Q1 2021.

And as the blockchain space moves further towards multichain, it may inspire developers to create and innovate as they witness the diversity in viable blockchain projects.

It’s for this reason that projects which don’t innovate could be seen as lagging and abandoned by their community.

This could be seen as a difficult objective to achieve in the traditional tech world, but cryptocurrency and blockchain are challenging these existing infrastructure monopolies, and this industry has the ability to pioneer an ecosystem that works cohesively rather than competitively.

And, as the multichain future becomes more apparent, it will only become clearer that the additional functionality, usability and scalability it brings is contributing to the onboarding of new users.

And, as the sector continues to grow, projects are finding that they have to adapt to a multichain future soon or risk getting left behind

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