DeFi timeline: from the beginning to nowadays
We dedicated many articles to the Hashbon FiRe ecosystem and some specific things about crypto, blockchain and Web3 (like crypto legislation). These themes fuse together, making our own vision of the crypto world. You may have noticed that we mention DeFi in almost every article, as it is an essential pillar in the whole crypto ecosystem and for us, it means more than just a word. We are sure that you know what it means and how it works, but have you ever wondered how DeFi appeared? Don’t worry it’s not an examination, one day our team felt nostalgic about DeFi’s development and we want to share with you that amazing story.
2009 — Bitcoin creation by Satoshi Nakamoto. Of course, Bitcoin is a cryptocurrency, but its creation led a path to decentralized finance and Ethereum, which is now a default blockchain for DeFi protocols.
2014 — Chainlink development. It was originally created as a centralized oracle system, but has evolved into a decentralized network.
2015 — Vitalik Buterin launched Ethereum. This created the basis for DeFi’s development, NFTs, and much of what we see today.
2015 — The emergence of the first stablecoins.
2015 — Year when the first NFTs were born.
2015–2017 — Creation and launch of one of the first DeFi projects on Ethereum — Maker DAO by Rune Christensen. Maker DAO is a protocol that allows you to create decentralized stablecoins — DAI.
2017 — EtherDelta was one of the first decentralized exchanges built on Ethereum that allowed unauthorized exchanges of ERC-20 tokens.
2017 — Stany Kulechev founded a project called ETHLend. Then it was a peer-to-peer exchange, but today the platform has transformed and is known to everyone under the name Aave.
2018 — Robert Leshner and Geoffrey Hayes founded and launched Compound. Compound Finance is a lending protocol built on Ethereum. Anyone can lend out their assets to gain interest or borrow assets against collateral.
2020 — Yearn Finance launched in July 2020. Developed by Andre Cronje. Initially, Yearn was built for personal use in order to automate farming.
2020 — First series of Ethereum (Ethereum 2.0) upgrades started rolling out.
2022 — Establishment of Web3, that is a decentralized and fair internet where users control their own data, identity and destiny.
2022 — NFT ID, verification future for all DeFi services by Hashbon Pass.
These are the most important steps in DeFi’s development. Keep in mind that we only touched upon inventions and skipped the financial aspect of DeFi’s development. Let’s focus on events that are happening today, the most intriguing of which being NFT ID.
Hashbon Pass: born to commemorate the new era of the NFT ID
Hashbon Pass, or NFT Passport by Hashbon FiRe, is an NFT token and a decentralized protocol for reusable identity verification on blockchains such as Ethereum, BNB Chain, Polygon and other EVM-compatible networks. Our main mission is to facilitate a privacy-oriented KYC procedure. We’re helping run KYC procedures in a safe manner, the way it’s supposed to be, not completely eradicate it, since users still have to pass KYC after creating their NFT Passport.