Data shows a staggering 96% of all transactions on decentralized finance (DeFi) applications take place on Ethereum, the world’s second-largest blockchain network by market cap.
This is despite there being faster and low-fee networks available on the market today, suggesting both developers and participants have yet to fully trust and adopt newer blockchains.
DeFi has boomed this year on the back of yield farming and other non-custodial crypto applications like lending and DEX trading. The industry was worth under $600 million at the start of this year but has quickly grown to amass over $11 billion in locked assets.
Dappradar, which published the findings in a recent report, said the DeFi industry has grown more than ten times in Q3 of 2020. The firm analyzed …