A DEX dubbed FireSwap is also part of the offering and provides cross-chain asset wrapping, which is of particular importance in reducing the strain on overworked networks such as Ethereum. Fire Protocol uses cross-chain technology to bring hundreds of digital assets to the Huobi ecosystem. One of the projects adding considerable momentum to the cross-chain trend is Fire Protocol, developed on the Huobi Smart Eco Chain. Interoperability has been an aspiration within blockchain for a considerable time, and now the technology is finally catching up to its ideals. This in turn led to a number of projects touting cross-chain technology as a long-term solution, spreading the weight across multiple blockchains.Īlthough cross-chain technology has been brought into particular focus thanks to the scaling challenges faced by Ethereum, it is by no means the only use case for cross-chain or the reason why it will dominate the coming year. Average transaction costs on the network spiked in 2020 from a few cents at the very start of the year to over $12 in September. It wasn’t all good news for decentralized finance, however, as the Ethereum chainopoly which shoulders the bulk of DeFi was placed under increased stress, with transaction times slowing to a standstill and gas fees rocketing. Other parts of DeFi also performed well as the dollar value of stablecoins rose from $5B at the start of the year to $26.4B. That was not without good reason, however, as in 2020 the TVL in DeFi protocols grew from $675M to $16.2B. While the rest of the planet will most likely remember 2020 as the year of COVID-19 and lockdown, crypto enthusiasts will also remember it as the year of crypto lending, borrowing, liquidity mining, and the much-reported upon Total Volume Locked (TVL) graph. 2020 was the year in which DeFi took the blockchain world by storm.
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