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18 April 2021

Mapping Ethereum's DeFi eco-system projects on Polkadot | CryptoSlate

Mapping Ethereum's DeFi eco-system projects on Polkadot | CryptoSlate

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While still in its infancy, the network already has a robust ecosystem of decentralized applications, all of which offer similar, and sometimes even more functionalities than their Ethereum counterparts.

In the past year, dozens of new projects have launched on Polkadot with dozens more planning on migrating at least a portion of their networks to a Polkadot parachain.

One of the most exciting categories of the DeFi ecosystem that have gotten a lot of traction on Polkadot are smart contract execution projects.

Polkadot, however, enables developers to launch all kinds of smart contract execution platforms on its parachains.

Phala, Edgeware, Plasm, and Moonbeam are the most promising smart contract execution projects currently on Polkadot, each one bringing a different kind of functionality to the network.

The Phala Network brings a layer of privacy to smart contract execution, with its founders claiming it’s the first confidential smart contract network built on Substrate.

Edgeware is a third-generation, self-upgrading smart contract platform in the Polkadot ecosystem.

Moonbeam is another Ethereum-compatible smart contract parachain on Polkadot.

The Plasm Network is a scalable smart contract platform on Ethereum supporting Layer 2 solutions.

The network was the first parachain to launch on Polkadot’s Rococo V1 testnet and the first platform to deploy a smart contract on the testnet.

However, several Polkadot projects have launched as direct competitors to their Ethereum counterparts, showing big promises when it comes to acquiring a significant market share.

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