Ethereum without a doubt is the leading Open Finance Platform reaching a $1bln Total Value Locked High in February 2020, with numerous permissionless Protocols that can all stack together seamlessly.
As times progressed we have seen some other blockchains begin to dip their feet into DeFi, most noticeably, EOS, Cosmos (Through Kava), Terra , ICON and even Ethereum Classic.
While none of these have an extensive build of products out on the market yet, one common trend is that each of these protocols start by emulating the Maker system on Ethereum, ie creating a Lending and Borrowing market by leveraging their native blockchain tokens.
EOS
Among the EOS DApps out there, there are two popular ones that have been getting media attention; EOSREX and EOSDT
EOSRex enables users to borrow and lend EOSIO resources (e.g., CPU and Bandwidth/NET). This single application has become the largest platform based on the total collateral value, with over $190m locked at time of writing in EOS.
EOSDT is a USD-pegged stablecoin that leverages underlying EOS collateral, EOS’ version of DAI. It has slightly more than 4M EOS overcollateralised ($8M) in the system generating around $2.6m EOSDT.
Cosmos (Through Kava)
Kava is a cross-chain DeFi Platform that allows for multiple assets to be used to create CDPs made possible by using the Cosmos SDK. Users can collateralize their crypto assets in exchange for Kava’s stablecoin, USDX.
Terra
After achieving a milestone of 1M users and averaging $1 M in transaction volume on their payments network thanks to their mobile payments App Chai, Terra has started to focus on the DeFi scene, partnering with services like Trinito and Harubank to offer borrow and lending markets using both Luna and Terra stablecoins like KRT as collateral.
Bitcoin (?)
The big daddy of cryptocurrency needs no introduction, however to date there has been no true solution that has been able to bring Bitcoin into DeFi trustlessly yet.
Many projects have spawned looking to grab this elusive holy grail, notable examples being RenBTC, tBTC and Thorchain’s Asgardex but as of writing none of those methods are live on mainnet/attracted significant volume.
Conclusion
However, the question remains whether any of these alt-defi solutions will be able to garner meaningful traction to their platforms , it’s easy to ship (or copy) code but hard to build communities.
About Kysen Technologies
Kysen Technologies is a group focused on delivering a full stack solution from a set of application and tools built on top of a pool of blockchain networks. They have built Harvest Wallet, Cosmos Outpost and KysenPool
Kysen Wallet — Harvest
Harvest a self-custody wallet for stablecoins with an integrated lending and token swap interface supporting Open Finance initiatives.
Download it today : Apple | Android (Coming Soon)
Kysen Analytics — The Outpost
The Outpost is a macro-economic insights and analytics platform for the Cosmos Network. Starting with CosmosOutpost.io you can view summarized high level trends within the network chain to help make well-informed decisions
Kysen Validator — KysenPool.io
KysenPool runs full nodes with validation services providing a trusted entrypoint to a decentralized ecosystem. We operate blockchain nodes which provide infrastructure that help support blockchain networks.
Website: kysenpool.io
Twitter: twitter.com/KysenPool
Medium: medium.com/kysenpool
Telegram: https://t.me/kysenpool
Wechat: KysenPool
LinkedIn: www.linkedin.com/company/kysen-technologies
