The blockchain space continues to advance and progress at all times, particularly when it comes to dApp development. Of course, not a single dApp has gone viral yet, and mass adoption is still some ways away. However, that does not mean that there is no progress in the sector as a whole or on individual blockchains.
Ethereum, for example, which has been known as the largest dApp hub to date, was noted to have a majority of decentralized finance (DeFi) dApps. This curious remark was made in a recent report made by Binance Research.
The rise of DeFi
The report indicates that DeFi can be seen as an ecosystem made up of various applications created on decentralized networks, P2P protocols, and permissionless blockchains. They can be used for the facilitation of trading, lending, and borrowing of financial instruments.
In other words, the ecosystem aims to offer a decentralized, permissionless network which users can use for retaining full custody of their crypto assets. With crypto trading once again being on the rise, the demand and use for DeFi is once again growing, and Ethereum’s ecosystem is the most popular one for developing this type of apps.
The report also notes that the main underpinning of an ecosystem such as this consists of borrowing and lending platforms. Crypto lending and borrowing is also growing quite rapidly, due to numerous benefits, such as being a much simpler way to get a loan than going to the bank. While many are looking to borrow, lend, trade, sell or buy Ethereum, one of the most popular pairs of blockchain assets used on DeFi is MakerDao (MKR), as well as the stablecoin Dai (DAI).
While Bitcoin is the largest cryptocurrency by market cap, Ethereum still holds the number one spot as the largest blockchain platform by market cap. It is also the second most important coin ever to be developed, as it shifted the attention from cryptocurrencies to blockchain itself. As a result, it singlehandedly brought the revolution of dApps. With all of this in mind, it is hardly surprising that it is still the industry leader when it comes to the number of dApps.
Of course, many see Ethereum as too slow, outdated, and most importantly — too expensive. As a result, there were numerous reports of developers and dApp users leaving it for younger, faster, and cheaper projects, such as EOS and TRON. Ethereum can barely compare to these platforms when it comes to price and scalability, but even with many developers migrating, ETH still remains in the top.
Helping new dApp developers enter the space
The Blockchain and dApp Kit does a pretty good job at explaining the dApp field, covering many topics, including dApps themselves, smart contracts, scalability, digital signatures, consensus algorithms, mining, security incentivization, private and public keys, token standards, encryption, trusted execution environments, zero-knowledge proofs, and more.
In other words, while those invested in crypto trading who are looking to buy Ethereum are growing in numbers — so do those looking to enhance the space by making their own tech advances and contributions. The crypto and blockchain industries are still young, and there is a lot of areas where they still lack. Introducing new developers can only lead to resolving issues, improving already existing solutions, and making the industry better, which will ultimately lead to mass adoption.