How DeFi Is Expanding Beyond Ethereum in 2021

The launch of Ethereum 2.0’s beacon chain marked a significant milestone at the end of 2020. Several years in development and subject to substantial delays, many were skeptical that it would even happen before the end of the year. Even now it’s launched, there’s still a long road ahead as the core developer team wrangle with the challenges of implementing a sharded blockchain. Furthermore, the events of 2021 only underscored just how badly scalability is needed for Ethereum’s applications. The explosion of the DeFi markets – almost entirely dependent on Ethereum – resulted in yet more network congestion and spiraling transaction fees. In early January, fees hit a new all-time average high of $9.79. Given the long timeline for a scalability upgrade, along with the increasing fees and general poor user experience resulting from slow block times, DeFi developers are now starting to look to other blockchain platforms. What’s more,…

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