Why are people still using DeFi on Eth? - page 2.

nelson4lov

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Quote from: X-ray on September 21, 2021, 07:26:35 AM

Defi on ethereum will always still booming. So many people are still locking their assets on DEFI ethereum. It will still remain the same and i guess the TVL might be increased even higher than before.

First off, it's worth noting that Ethereum does have the first mover advantage for DeFi and that's in fact, the real reason why people still prefer it to other innovative opportunities (along with the fact that it's battle tested and secure ^). But these doesn't mean we should completely ignore other interesting alternatives that benefit people even more. For instance:

- NEAR protocol has a growing Defi economy that is spearheading by Ref Finance ( core AMM, swao, farm with awesome rewards!, others, etc) amongst others and that's not even the best part. Rather than compete against Ethereum, they've a solution that builds upon the current struggle of ETH network and makes it better for the ETH community thanks to Aurora - L2 solution on ethereum that uses NEAR under the hood to make transactions super cheap, affordable even for the average user and lightening fast sub 1 second finality.

The goal of defi shouldn't be about giving rewards to miners for fees when there's also impermanent loss to watch out for.

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Quote from: MSN02 on September 14, 2021, 06:17:53 PM

People are still using ETH because it has the most amount of developers and users on it. Until some other project gets more traffic than ETH it won’t make sense to get off of ETH since that’s where the value lies. Now I do believe that there are better projects like SOL, NEAR, Fantom and etc that are better for users but there just aren’t enough users on the networks yet.

I hope that the issues related to high commissions on the network will be resolved. Because this world is closed for ordinary users and is not profitable in all aspects. Under such conditions, it is much more profitable to use alternative blockchains, but they need to gain popularity and massive recognition.

I hoped that high commissions will be resolved a long time ago... I don't hope anymore! So I understand OP and his question, why people are paying so high commissions when there are cheaper ones!? Well, I don't think there's some quality answer to this question, the majority still favors Ethereum and there's no doubt in that, it's why Etherum is making progress over time in terms of price and development!

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Quote from: cryptoknows on September 13, 2021, 07:16:04 AM

What do you think about DeFi on ethereum at the end of 2021?

Defi on ethereum will always still booming. So many people are still locking their assets on DEFI ethereum. It will still remain the same and i guess the TVL might be increased even higher than before.

Quote from: cryptoknows on September 13, 2021, 07:16:04 AM

Heard about DeFi on Solana or Near? When will such blockchains completely replace the losing Ethereum Network?

It will never replace ethereum network. Did you remember tron? so many people were also talking about the defi on tron will be replacing ethereum but it's not happening till this time. That was giving us an example if just because a new platform has better technical feature compared with the old platform and it doesn't mean the new platform can replace the old one.
EOS was also doing the same thing like that. So many new blockchains have been trying to do that.

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Quote from: cryptoknows on September 13, 2021, 07:16:04 AM

What do you think about DeFi on ethereum at the end of 2021? It doesn't seem to you that this is an absolutely bottomless pit living your money on transactions (unless you are a millionaire, of course)
Heard about DeFi on Solana or Near? When will such blockchains completely replace the losing Ethereum Network?

We blame each other for prices dropping, but I think most of us, our favorite tokens holders. Still, most of the popular blockchain is Ethereum, where we have most of our tokens. If I have options to choose right now, I will use others blockchain instead of Ethereum. Now we have no options left without using the Ethereum blockchain. Almost 50 USD cost me a few transactions.

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Quote from: cryptoknows on September 13, 2021, 07:16:04 AM

What do you think about DeFi on ethereum at the end of 2021? It doesn't seem to you that this is an absolutely bottomless pit living your money on transactions (unless you are a millionaire, of course)
Heard about DeFi on Solana or Near? When will such blockchains completely replace the losing Ethereum Network?

Are you saying Solana will replace ETH in the future? I doubt it can replace it, maybe this was your thoughts only.
I don't see yet the coins that will replace ETH in the future. But there is always next into ETH in which is Binance, were
BSC is very useful nowadays, especially if there is a new project arise in crypto space.

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Quote from: letyouearn on September 14, 2021, 07:27:13 PM

Solana's shown us some funny features today, haha Grin

I think it will barely overcome Ethereum in the nearest two years.
But the fees on ETH are terrible - that's right. Hope such 2nd level solutions like Optimism will change this someday.

Solana recently faced a network disruption. That's unfortunate for a so-called "decentralized" blockchain network. People are still using "De-Fi" on ETH because it's the most secure and decentralized smart contract platform in the world. Security/reliability is what matters above all else. Other blockchains may be faster and cheaper to use than Ethereum, but they're highly susceptible against external attacks. That's why most developers build dApps on ETH than any other smart contract platform.

Unless rival blockchains improve their security, ETH's status as the "King of De-Fi" will remain untouched. I'm fine with that as long as decentralization and censorship-resistance prevails in the long run. Just my opinion

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Quote from: eaLiTy on September 14, 2021, 07:01:45 PM

The question is how long people will be willing to spend huge transaction fees before moving on to other networks,

They can move to other networks. But I believe they wouldnt leave ethereum behind that easily. There will be always some people no matter what is the gas fee will used it. Everybody knows that eth still have the good projects on their network compared to others.

Quote from: eaLiTy on September 14, 2021, 07:01:45 PM

asking the project developers to change to other networks with less fees and majority are moving to alternative networks because of huge demands from the end user.

Yes this is the case, people only ape on those that they give them profit, regardless of fees. But if they still earned a lot from eth even the fees is so crazy then I doubt they will left it.

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Ethereum will not be replaced. It is the framework of defi. Valuable projects usually choose Ethernet instead of BSC. The project side will certainly consider the impact of gas on users, but it still chooses expensive ones. I think there must be a reason.

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Quote from: cryptoknows on September 13, 2021, 07:16:04 AM

What do you think about DeFi on ethereum at the end of 2021? It doesn't seem to you that this is an absolutely bottomless pit living your money on transactions (unless you are a millionaire, of course)
Heard about DeFi on Solana or Near? When will such blockchains completely replace the losing Ethereum Network?

Solana's shown us some funny features today, haha Grin

I think it will barely overcome Ethereum in the nearest two years.
But the fees on ETH are terrible - that's right. Hope such 2nd level solutions like Optimism will change this someday.

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Quote from: cryptoknows on September 13, 2021, 07:16:04 AM

What do you think about DeFi on ethereum at the end of 2021? It doesn't seem to you that this is an absolutely bottomless pit living your money on transactions (unless you are a millionaire, of course)
Heard about DeFi on Solana or Near? When will such blockchains completely replace the losing Ethereum Network?

I'm 100% sure that it never happens. Defi projects don't have the potentials to get rid of the Ethereum network, in fact, most of these projects are worthless, some are able to survive from the said market competition but the majority of them have been abandoned already. With that particular scenario, we can never foresee such possibilities. Perhaps, the use of the ETH network is still in high demand causing its gas fees to still keep high, maybe the BSC network would have a chance.

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Quote from: cryptoaddictchie on September 13, 2021, 07:22:20 AM

~
I dont think those 2 will replace ethereum. Yes their maybe hype today, but we all knew how good eth still. I dont like eth for its gas fee but we can say that eth is still the best and been used by massive community. There are plenty of users still uses the defi ecosystem on eth due to its easy nature and guess what. Even though eth fee is so high people still using it.

The question is how long people will be willing to spend huge transaction fees before moving on to other networks, there are users who are still using the ETH network despite the huge transaction fees but you will get a ton of complaints from the end users as well asking the project developers to change to other networks with less fees and majority are moving to alternative networks because of huge demands from the end user.

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People are still using ETH because it has the most amount of developers and users on it. Until some other project gets more traffic than ETH it won’t make sense to get off of ETH since that’s where the value lies. Now I do believe that there are better projects like SOL, NEAR, Fantom and etc that are better for users but there just aren’t enough users on the networks yet.

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Quote from: cryptoknows on September 13, 2021, 07:16:04 AM

What do you think about DeFi on ethereum at the end of 2021? It doesn't seem to you that this is an absolutely bottomless pit living your money on transactions (unless you are a millionaire, of course)
Heard about DeFi on Solana or Near? When will such blockchains completely replace the losing Ethereum Network?

I suppose that for you the biggest issue are the fees right? If that is the case I can understand what you are saying as I have been seeing that the fees can be quite high, however I do not think something like this is going to happen anytime soon.

People are wiling to pay a premium and to make use of those services over the ethereum network instead of taking their chances with other networks as they imply do not trust in them, and until that changes then you are bound to see those huge fees over the etheruem network.

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Quote from: cryptoknows on September 13, 2021, 07:16:04 AM

What do you think about DeFi on ethereum at the end of 2021? It doesn't seem to you that this is an absolutely bottomless pit living your money on transactions (unless you are a millionaire, of course)
Heard about DeFi on Solana or Near? When will such blockchains completely replace the losing Ethereum Network?

What projects on Solana or Near have you used?
If you study these ecosystems, you will see low liquidity and low user base.
The issue of commissions on Ethereum is easily resolved through Level 2 solutions: Polygon, Oprimism and Arbitrum.

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I suspect defi is banking on eth2.0 being a huge success and finally lowering the fees to an acceptable point.

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Quote from: cryptoknows on September 13, 2021, 07:16:04 AM

What do you think about DeFi on ethereum at the end of 2021? It doesn't seem to you that this is an absolutely bottomless pit living your money on transactions (unless you are a millionaire, of course)
Heard about DeFi on Solana or Near? When will such blockchains completely replace the losing Ethereum Network?

People are still using "De-Fi" on ETH because of the hype. After all, they're only into it to make a lot of money in the least time possible. Fees will only get higher as more people join the crypto/Blockchain craze. Other blockchains like Solana and Binance Chain have cheaper fees and faster transaction speeds, but they have a small library of dApps. Ethereum has the biggest ecosystem of dApps and services around it, so it's unlikely another contender will be able to take its place in the future.

One thing for sure is that "De-Fi" is not constrained to a single blockchain network. This gives people true financial freedom. If fees are high on Ethereum, there's always a "Plan B". Only time will tell us whenever "De-Fi" will become a success or a failed experiment altogether. Just my thoughts Grin

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People still use it because most people don't know anything better. People change their habits rarely. Once they learn to do something, they tend to keep doing it till they can't. In this case, people will keep paying them huge fees as long as they can afford it. When the moment comes and it hits them in the head how expensive ETH is, they'll look for an alternative.

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One of the most popular reasons they stay in ETH is because it's the #2 currency. It's known for this already, and there are many opportunities for people to utilize it for those reasons. I think they can form a side chain instead of using the main chain from ETH, in which gas fees are ridiculous.

Many people may prefer a different coin for their NFTs because they are just starting, and I think the one that can boom is the one that has the most users and demands, not just because it's ETH or not.

Do you guys think it's going to be SOL?

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Quote from: cryptoknows on September 13, 2021, 07:16:04 AM

What do you think about DeFi on ethereum at the end of 2021? It doesn't seem to you that this is an absolutely bottomless pit living your money on transactions (unless you are a millionaire, of course)
Heard about DeFi on Solana or Near? When will such blockchains completely replace the losing Ethereum Network?

Yeah, I recently posted something similar when someone was asking about how to invest in DeFi. There is no sense in using DeFi on Ethereum, the gas fees used to collect your rewards will cost more than the value of your farmed rewards. I moved my funds using Evo bridge to Polygon and Fantom from Ethereum and I also used Rainbow Bridge to move funds from ETH to NEAR protocol. I'm mostly farming on Qi on Polygon, Tarot and SpookySwap on Fantom, and Ref Finance on NEAR now.

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Quote from: cryptoknows on September 13, 2021, 07:16:04 AM

What do you think about DeFi on ethereum at the end of 2021? It doesn't seem to you that this is an absolutely bottomless pit living your money on transactions (unless you are a millionaire, of course)
Heard about DeFi on Solana or Near? When will such blockchains completely replace the losing Ethereum Network?

it's not possible to happen because we all knows how good ethereum project is and how useful all the features of it nowadays, unlike other competitors in the space, but yes maybe those 2 (solana, Near) were making hype in the market this year, but we all knows that no matter what happen to ethereum there's always a chance for it to recover and it's proven, what about that solana and near? Perhaps they're making hype right now but when they both faced a problem they suddenly stuck up for long time before they can recover, indeed it still a big question because they don't have enough history that can prove they can survive all the problems here in space.

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