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DeFi has witnessed a gigantic development in 2020. As decentralized finance proceeds to gain momentum, the entire value locked up in decentralized finance is managing to exceed billions. The incredibly rapid development of decentralized finance in 2020 assisted to set a stage for another DeFi adoption wave in 2021. Moreover, due to such rapid development, decentralized finance still signifies a pretty young industry with a plethora of space for innovation. If it is so, what are the DeFi trends worth keeping an eye on in 2021? Find out!
Also Read: PayBito to Offer DeFi Payment Solutions to a USA-Based Enterprise
Presently, the supply of stablecoin has surpassed a large amount. Thus, the stable coin market invariably happens to be dominated by the US dollar. But, with the maturity of the sector, along with the macroeconomic effects of government stimulus packages, one can expect stablecoins secured in additional currencies to develop rapidly in prominence as well.
Blockchain’s mass adoption is not that far, however, it needs to overcome some lofty challenges before this turns out to reality as scalability issue is one of the major roadblocks. To get utmost decentralization, every node concerning the blockchain network stores all the states. Therefore, every node stores data like account balances, transaction history, and more. This is was sharding comes in.
Sharding highlights spreading network load. By sharding a blockchain network, it basically will be broken up into individual segments or shards. Every segment will carry its own unique critical data set. Moreover, every shard will possess a node assigned to verify operations and transactions.
The concept highlights breaking up the blockchain network into segments that happened to be further managed by dedicated nodes. This effectively will help overcome scalability problems, thereby enhancing the throughput of the blockchain.
As per the latest reports, approximately 96% of blocked Ethereum remains on decentralized exchanges – DEX. Although the amount of Ethereum blocked in lending protocols outpaces that on decentralized exchanges, the development of decentralized exchanges in 2020 happened to be far more robust.
Also Read: Top 10 Cryptocurrencies You Can Bet On in 2021
The total amount of Ethereum on the decentralized exchange is developed and grew on lending protocols. It indicates that if it continues to grow at this rate, decentralized exchanges will soon manage the vast majority of Ethereum in the space of decentralized finance.
With more than 2 billion gamers globally, spending roughly over $159 billion per year, this number is anticipated to reach roughly $256 billion by 2025. With people dedicating hours to the gaming medium of entertainment, both creators and players further want to monetize the gaming industry. Blockchain gaming is one of the ways developers are trying to monetize the industry.
In this case, the video games operate on a blockchain and not on a particular server. Moreover, the players can mine tokens by performing particular tasks within a game. This is where DeFi comes in. Popular decentralized finance protocols will be required to facilitate in-game transferability. Apart from that, various owners of game-based crypto will possibly look forward to earning a return on their assets.
In 2021, various crypto gaming platforms announced that they will be creating a procedure for cryptocurrency owners to sponsor professional gamers as well as stake tournaments. Through decentralized finance, owners can easily take their tokens on new games for earning interest. On the other hand, they can also earn a percentage by backing a player on his or her winnings.
As far as DeFi trends are concerned, the last year undoubtedly happened to be an extremely favorable time for DeFi. It is when decentralized finance turned out to be a permanent fixture in the world of blockchain, thereby attracting the attention of people who were previously not associated with blockchain technology.
With the above-mentioned DeFi trends, it can be anticipated that 2021 can turn out to be even a better year for the decentralized finance sector. Furthermore, numerous innovations and the growing public interest is aiming at improving scalability, thereby making it possible to consider it highly probable.
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