Decentralized finance, or DeFi, is quickly becoming recognized as the premier use case for blockchain technology — thanks to the freedom it provides for users and the efficiency improvements DeFi apps offer over their legacy counterparts.
But while the DeFi ecosystem on Ethereum alone exploded from a $1 billion industry to a $90 billion one in a single year, adoption has somewhat slowed as of late, due to an overall change in market sentiment and some nagging issues that could be set to become a thing of the past.
Fees Are Becoming a Non-Issue
Over the last six months, the fees that come with using most DeFi applications have ranged from bearable to terrible — thanks to massive congestion on the Ethereum network.
The high fees facing users of the Ethereum blockchain led to a recent wave of innovation, much of which was directed at minimizing fees and making DeFi more accessible.
Among the most promising of these are the layer 2 protocols, which essentially work on top of Et
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