Why are people still using DeFi on Eth? - page 3.

cryptoknows

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Quote from: Meta anggraini on September 13, 2021, 04:38:17 PM

Quote from: cryptoknows on September 13, 2021, 06:16:04 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?

Because theres some believe that theres will be Airdrop waiting for the DeFi user like Uniswap drop before.
Also, theres so much great project in the Ethereum network recently that believed would give great return even must transacted with a huge fees.
But, i agree its limited for the person that have a huge fund for paying the fees.

I heard on the Defi Solana and Near, in particular, Ref Finance give airdrops to LP Providers and ordinary traders, maybe such projects can still get some liquidity out of Eth, thereby unloading it

inanilujimi

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Didn't you see that only the ETH network has airdrops with large sums of money, recently dydx is giving users at least $3000 for those who have deposited and traded on their dapps.
I've never seen an airdrop as big as the one on the ETH network.
Doesn't this indicate that ETH has not experienced a decline in popularity even though many are cheaper and faster when making transactions.

Bitcoin Seller

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Quote from: cryptoknows on September 13, 2021, 06:16:04 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 also prefer some alternative blockchains or layers 2 to Ethereum. I invest in Defis only on Polygon and BSC, as commissions are much smaller on these nets and faster than on Ethereum. It is not completely clear for me why all people don’t switch to alternative variants, maybe, it seems to them too difficult to learn how to use bridges, how other blockchains work, so they just stay on Ethereum.

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Quote from: gaston castano on September 13, 2021, 09:20:05 PM

it's just a matter of time until the time comes, but ETH has become the pioneer of the first smart contract so people will always remember ETH as the main one, even though the fee is terrible but the ETH network is still being used, I've tried the bsc and solana networks, and see the difference in fees with ETH.

There are other projects saying they are an ETH killer but I think it will change drastically once again once ETH 2.0 comes and rolling. Fees might be huge right now but I guess it has been mitigated for quite a while now compared to the boom of defi when we saw the ridiculous amount of transaction fees. There are other things like Tron defis but I think more on rug and pulls and Cardano too but more on promises as of the moment.

gaston castano

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it's just a matter of time until the time comes, but ETH has become the pioneer of the first smart contract so people will always remember ETH as the main one, even though the fee is terrible but the ETH network is still being used, I've tried the bsc and solana networks, and see the difference in fees with ETH.

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Quote from: cryptoknows on September 13, 2021, 06:16:04 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?

Ethereum was where DeFi was given birth to and since it has the first mover advantage, it might take long before people start trusting Defi platforms on other protocols. But for real, I don't know how people still use ethereum for DeFi and cope with those insane fees. Thats why I avoided anything related to defi on ethereum and currently using Ref Finance platform that is Built on NEAR.

Scripture

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ETH is the top network with altcoins so I guess this is enough reason to still create a new project under ETH and beside, ETH is the top altcoins that produced a lot of good project we can’t just ignore it. I still have limited knowledge about SOL though its price gone crazy in the past day, I don’t think its enough to surpass ETH, that’s too early for that.

Meta anggraini

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Quote from: cryptoknows on September 13, 2021, 06:16:04 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?

Because theres some believe that theres will be Airdrop waiting for the DeFi user like Uniswap drop before.
Also, theres so much great project in the Ethereum network recently that believed would give great return even must transacted with a huge fees.
But, i agree its limited for the person that have a huge fund for paying the fees.

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Quote from: cryptoknows on September 13, 2021, 06:16:04 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)

Prolly it's because that there's still profitability with the DeFi and it's much higher even if it includes the high gas fee.

Quote from: cryptoknows on September 13, 2021, 06:16:04 AM

Heard about DeFi on Solana or Near?

Never heard about those in SOL even it's also pumping.

Quote from: cryptoknows on September 13, 2021, 06:16:04 AM

When will such blockchains completely replace the losing Ethereum Network?

We have no timeframe but I think it's still far from losing.

cabron

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Both are not all chain will have Defi projects probably the DEFI project on ETH will also exist on SOL and NEAR just like the Defi project that is also in BSC. They will all connect to each other so we see interoperability and it's just a matter of fees that will let you decide which you are going to go. Right now it's ETH still that's winning even with its high gas fees.

DarkDays

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Quote from: cryptoknows on September 13, 2021, 06:16:04 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?

Ethereum network is not a losing network, it has its great benefit of being much more developed and known than any others. Of course, this doesn't mean it is not faulty because of course it is and v2.0 is supposed to help address that.

Unfortunately, though, where demand is high other networks start building faster and smarter like Solana or Polygon and dare I say it BSC so this DeFi craze i already trickling into these networks. It is a slow but sharp call that ETH devs need to speed up otherwise there might be the risk of losing most of their efforts.

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Quote from: maju69 on September 13, 2021, 03:00:34 PM

For now Sol provides fairly low fees with fast block transactions. Even though it's said to be a replacement for Eth I'm not entirely sure. However, if Eth continues to become more intimate with the big holders, it is possible that in the future people will migrate from one network to another. Because as small traders and investors we cannot be friends with Ethereum Gas. We are increasingly being left behind, going with people who have big finances.

But I don't agree with the OP that ETH is a losing network. We haven't seen the benefits yet of their london hard fork. I believe, when the OP sees that gas fees are actually declining, he may change his mind. But right now, I understand if people are switching to other networks looking for cheaper fees. But I don't think ETH is losing as the price in the market is still above 3k. So once the gas fees are being addressed, it will further boost its price in the market.

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Quote from: cryptoknows on September 13, 2021, 06:16:04 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 think, project developers use the Ethereum platform because ETH has proven it's worth compared to those new crypto platforms where you can create NFT games/ other project. The popularity too I guess. As one of investors on Defi and NFTs I always experience having trouble on these huge fees in ETH network. I hope they'll implement ETH 2.0 as soon as possible as it can really help solve the problem on fees (as what they've said).

crzy

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Quote from: cryptoknows on September 13, 2021, 06:16:04 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?

ETH network is still one of the best that we have right now and it can’t easily be replaced by any network, there’s still a lot of good project under ETH network and we should know that. Many project still prefer ETH network for some reason, and even if there’s a new option with SOL they can’t just ignore the success of ETH and some of them still want to ride with it. I see a bright future with SOL but still, ETH network will stay.

maju69

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For now Sol provides fairly low fees with fast block transactions. Even though it's said to be a replacement for Eth I'm not entirely sure. However, if Eth continues to become more intimate with the big holders, it is possible that in the future people will migrate from one network to another. Because as small traders and investors we cannot be friends with Ethereum Gas. We are increasingly being left behind, going with people who have big finances.

Irazzzta

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Quote from: cryptoknows on September 13, 2021, 06:16:04 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)

I think the DeFi project using the Ethereum blockchain was applied at the beginning of the project's development, then the developer made several choices of Blockchain to be applied to the coin. because most DeFi projects use hybrid blockchain technology, because to make it easy to use on any Blockchain.

in my opinion the use of the Ethereum Network for DeFi will decrease, due to the effect of high gas transaction fees. maybe chains like BSC and MATIC will be more used by developers

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Quote from: cryptoknows on September 13, 2021, 06:16:04 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?

DeFi could be the thing you may despise the most but at the end of the day it is also the thing that makes the most money when you are lucky as well. This is why people are still investing so much into it. Is there any other thing in the crypto world where you see something start with 1 dollar, be 170 dollars then become 2 cents?

I mean can you look at the difference, that is a coin starting, doing a 170x and then crashing enough to make it worthless, all probably within like 2 months, sometimes 1 month. So this is why people invest into defi, there are so many crazy shit going on in the defi world that you could either lose all the money you put into it, or you may end up with a ton of profit that you would never make anywhere else.

Yogee

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Quote from: cryptoknows on September 13, 2021, 06:16:04 AM

... (unless you are a millionaire, of course)

You already gave the answer. They use it since they can afford the fees and they are still earning from these ethereum projects.

Quote

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

This is another reason why ethereum is still on top when it comes to DeFi despite the insane fees. There are so many blockchains competing for low fees with fast transactions like Solana and Near. There is also BSC and then Cardano that recently activated their smart contracts.

There are also ethereum faithfuls who keep defending the platform because it's the "most decentralized".

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Quote from: cryptoknows on September 13, 2021, 06:16:04 AM

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

Before you hear about Solana or Near, you would hear about Binance Smart Chain. They are chains for projects to be built up on, to paralyzed on and chains are too many. They are not different than coins, with thousands of coins on the market.

Will we see a trend of new chain is created daily? The bottom line is a chain needs to be supported by community and exchanges. Binance Smart Chain has Binance, Solana has FTX. Other exchanges try to copy Binance development and create their own chains but success is smaller than Binance Smart Chain.

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I can understand it so some degree because ETH has been the strongest smart chain all this time and I think developers doesn't want to miss out on this opportunity to use ETHs influence to boost their project a little bit, even at the cost of a high gas free. If the transaction fees in ETH became too unbearable, they can just integrate BSC as an alternative.

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