RATE Group | As Ethereum Use in DeFi Continues to Skyrocket, Will Price Follow?
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As Ethereum Use in DeFi Continues to Skyrocket, Will Price Follow?

10 Jan As Ethereum Use in DeFi Continues to Skyrocket, Will Price Follow?

Posted at 00:25h in Ethereum News by

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Binance released its report on decentralized finance applications (a trend most often affiliated with Ethereum) yesterday, highlighting the continued growth of the DeFi ecosystem; according to a Tweet by @CryptoWolf, as Ethereum locked in DeFi continues to rise, the price of the coin will rise in conjunction.

Defi Built on Ethereum

Malta-based crypto-exchange Binance published its third report on decentralized finance (DeFi) applications yesterday, focusing particularly on developments in the DeFi space relating to Ethereum.

The report stated that Ethereum’s spectrum of applications is more extensive than other blockchains, and that most of the decentralized financial ecosystem is, so far, being built on Ethereum.

Supported by the Ethereum network, DeFi utilizes smart contracts and decentralized applications (DApps) to execute its functions. Despite several services such as derivatives, decentralized exchanges, payments, and assets that DeFi offers, lending and borrowing is the…

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