Cryptocurrencies and the decentralized finance (DeFi) derivative thereof are designed to make financial services more efficient, transparent and globally accessible. The latter is especially true for those who, for whatever reason, have limited access to the traditional banking system and live in countries with high inflation, currency restrictions and extremely expensive credit resources.
Applications based on public blockchains (dApps) are gaining popularity and are increasingly competing with each other. As a result, the quality of services improves, and completely new products and services appear that compete with traditional counterparts.
Most of the most popular decentralized applications are built on the basis of Ethereum. The same platform surpasses competitors in the person of TRON and EOS in the total cost of transactions transmitted through dApps, as well as in the number of users.
Despite the relatively high potential and growth rate of the DeFi sector, the degree of mass adoption of decentralized Ethereum applications is still not high enough. However, it is possible that the growing popularity of dApps on a global scale is only a matter of time. It is highly likely that the chronic inefficiency of traditional finance will continue to contribute to the development of the young cryptocurrency market segment.
It is also likely that a lot depends on improving Ethereum’s performance and lowering the cost of operations on its network. However, developers are dealing with these issues, and the creator of Ethereum Vitalik Buterin is optimistic about the future — he is confident that the platform is stronger than ever.