The Decentralized Finance (DeFi) markets have grown more than twofold in 2021 itself. According to data from Defipulse, the total value locked in DeFi protocols on 1st Jan was $15.7 billion. This number grew to $41.97 billion as of 12th March. In this rapidly expanding market, there are many innovations and use cases of blockchain technology proliferating through the decentralized market space.
Two of the largest decentralized networks we’re seeing value being locked onto in the previous few months are Ethereum, and a rising competitor in the Binance Smart Chain. Although Binance has been dealing with a hack on their flagship Pancakeswap, a recent Bybit blog post notes how Vitalik Buterin and his team of developers are speeding up the process to improve network efficiency amid fears of the competition potentially taking over their lion’s share of market dominance.
Although, there are many uses of DeFi protocols, namely, lending, Decentralized exchanges (DEXes), DeFi derivatives, De

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