3 Ethereum Alternatives That Banks Should Be Monitoring

The wave of decentralized finance applications that launched in 2020 owed a great debt to the smart contract platform Ethereum, where traders busily pushed DeFi volumes into the billions. Ethereum-based decentralized applications (dApps) were the biggest success story of the year, at least if you discount Bitcoin’s stratospheric push towards $30k. Open finance protocols such as those related to lending, staking, and saving reiterated the raison d’être for cryptocurrencies, providing users with a trustless means of transacting value without depending on a trusted third party. In the space of a year, DeFi redefined the expression “free market” in its own image. Unsurprisingly, major financial institutions have started to watch the crypto landscape closely, threatened by the speed at which Ethereum captured value while selling the dream of financial inclusion. And they have other networks to worry about too: while Ethereum undoubtedly dominated the DeFi landscape in 2020, spiraling network fees…

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