Why are people still using DeFi on Eth?

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Quote from: mindrust on October 16, 2021, 06:21:33 AM

It is because ETH is the original Coké while the others are just generic cola. This is like asking "Why would anybody live in Monaco!! It is so damn expensive!!" Well... People live in Monaco because 1- They can afford it. 2- It is damn Monaco.

If you can't pay the price for the privilege of using the ETH network, you can then always use solana, neo or whatever crap is out there nowadays. Not everybody has to live in Monaco in the end. Some people have to live in Pakistan.

That's certainly true, mate. You can't beat the original project no matter how hard you try. Other smart contract platforms may be faster and cheaper to use than Ethereum, but they're extremely vulnerable to external attacks. That's because alternative smart contract platforms often prioritize scalability on top of decentralization. For this and many other reasons, people still use "De-Fi" on ETH even if they have to wait longer or pay higher fees. There are many popular dApps and tokens available exclusively on Ethereum, so there's that. Until developers start making quality dApps on competing blockchains, ETH will remain as the "King of De-Fi" for a long time. Just my opinion

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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?

You mean replacing Ethereum network by the Defi? As far as I know, Ethereum network was the origin by this thing,
Though, defi games nowadays or recently became trending but it doesn't mean that ETH network will be left behind or
replace by someone else, of course not!

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Quote from: WeedGoW on October 14, 2021, 01:38:02 PM

Because they're slow to change. Yes even in crypto you think everyone have to be so fast to adapt for a new thing. But no, things that have already been used for long or everyone already familiar with it will stay no matter what.

It is very natural and very common to happen because everyone who is used to the old thing and it is still very safe to use, then they will generally continue to use it even though a new option has been born to make it easier for them in every job.

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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?

this is what i thought, why are people still using this network. not just defi, but all Dapps on the current ethereum network are like flaws. just imagine just to transfer tokens we need a fee of more than 10 $. and that's a surprisingly large number when compared to its closest competitor, the binance smart chain. but strangely everyone still hopes ethereum can solve this problem as soon as possible. but in fact there is no solution they can provide until now.

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It is because ETH is the original Coké while the others are just generic cola. This is like asking "Why would anybody live in Monaco!! It is so damn expensive!!" Well... People live in Monaco because 1- They can afford it. 2- It is damn Monaco.

If you can't pay the price for the privilege of using the ETH network, you can then always use solana, neo or whatever crap is out there nowadays. Not everybody has to live in Monaco in the end. Some people have to live in Pakistan.

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Because they're slow to change. Yes even in crypto you think everyone have to be so fast to adapt for a new thing. But no, things that have already been used for long or everyone already familiar with it will stay no matter what.

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I think Solana and Near network will never be able to replace ETH network. There are many better networks than this. However, using BSC and Polygon network, DeFi can be used at a much lower transaction fee.

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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 is a very updated network. And it is continuously updating itself. The problem is the gas fee for small transaction. Ethereum has the solution and it is developing ethereum v2.0. Now it is time to wait for the release.

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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 on ETH is a lost cause for me since you must have seen it, the fee and transaction time eat every new project out. It was also a good reason why a coin like Solana has such momentum to come to the top altcoin in CMC right now if the DeFi on Solana is done right. But the prestige of ETH still makes some stubborn people or investors refuse to switch to the new platform.

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Quote from: mu_enrico on September 30, 2021, 09:55:04 AM

- Many people own ETH
- Many people trust ETH
- Liquidity/locked value

There are many cheaper ETH alternatives like BSC and Polygon, but their total value locked (TVL) is nowhere near TVL on ETH. Hence, when people trade $100k suddenly a $100 fee is no longer a big deal.

We can say that most people trust ETH because it's been tried-and-tested over the years. Not like Solana, Binance Chain or other new smart contract platforms with vulnerabilities that are yet to be discovered. A while ago, the Solana network was disrupted, putting people's funds at risk. It's not about low fees or fast confirmation times, but rather security, reliability, and censorship-resistance. ETH still has the most liquidity on the market, so there's that. Unless a strong competitor with a focus on decentralization comes out, ETH will remain as the "King of De-Fi" for a long, long time. Just my opinion

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Quote from: terciduk123 on October 10, 2021, 11:00:03 PM

When viewed from the transaction fee, the transaction fees on the Ethereum network are very high when compared to some other networks, however, the high transaction fees don't prevent users from making transactions on Ethereum.
Maybe some of the reasons are because until now the Ethereum Blockchain is the best for developers, as if they can implement their ideas through Ethereum, besides that Ethereum also has a very strong ecosystem, as well as its supporters and community.

you are right, ethereum has a strong commodity and market. although more are now cheaper blockchain ecosystems, many of them are adopting the system from ethereum development. that means ethereum is still used even though it is expensive.
and for trading it is not the reason the fees are expensive, I think if the ones traded are assets with a large nominal value. indeed for new tokens that have a small value must wait for the cost to become cheaper. but the ecosystem built on the ethereum blockchain still has strong adoption.

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When viewed from the transaction fee, the transaction fees on the Ethereum network are very high when compared to some other networks, however, the high transaction fees don't prevent users from making transactions on Ethereum.
Maybe some of the reasons are because until now the Ethereum Blockchain is the best for developers, as if they can implement their ideas through Ethereum, besides that Ethereum also has a very strong ecosystem, as well as its supporters and community.

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Quote from: Naficopa on October 10, 2021, 04:51:06 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?

In my opinion, DeFi's popularity will not last very long. I think in 2022 people will start to forget about DeFi and there will be something new on the market.
As for the other networks, I think they will have a very difficult time entering the market after Ethereum 2.0 is launched.

I am afraid, I can't agree with you. It can be rightly if we are talking about really useless like meme coins. They live only because of hype and don't have any real use cases, so they will die as soon as hype is over. But defi-projects cary real utility, they solve different problems. You can lend money, borrow them, earn, exchange tokens etc, so defi-projects will live because people will continue using them even without hype.

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Quote from: mu_enrico on September 30, 2021, 09:55:04 AM

- Many people own ETH
- Many people trust ETH
- Liquidity/locked value

There are many cheaper ETH alternatives like BSC and Polygon, but their total value locked (TVL) is nowhere near TVL on ETH. Hence, when people trade $100k suddenly a $100 fee is no longer a big deal.

if for large transactions, the eth fee is not a problem, in contrast to those who will transfer in small amounts, it will look like a large amount of eth is used for fees. we don't know whether the defi trend will continue into next year, of course we have to analyze to determine the current and future trends to stay ready for market conditions

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There are two l2s on uniswap and still v2 and v3 carries the biggest liquidity with the l2 just managing very little I think the issue here is just a matter of what people tend to choose and most eth users can afford 1k plus or more in their transaction that will probably make them more than they are holding especially if they are minting nfts So basically a 50-80x is more than enough to cover gas fees and nice dinner

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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?

In my opinion, DeFi's popularity will not last very long. I think in 2022 people will start to forget about DeFi and there will be something new on the market.
As for the other networks, I think they will have a very difficult time entering the market after Ethereum 2.0 is launched.

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- Many people own ETH
- Many people trust ETH
- Liquidity/locked value

There are many cheaper ETH alternatives like BSC and Polygon, but their total value locked (TVL) is nowhere near TVL on ETH. Hence, when people trade $100k suddenly a $100 fee is no longer a big deal.

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Quote from: nelson4lov on September 22, 2021, 09:06:03 PM

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.

That's precisely the reason why most people still use "De-Fi" on ETH. This is good because it strengthens the ETH ecosystem. But it's also bad because it increases network load. Fortunately, there are solutions to tackle the high gas fees and slow confirmation times on the Ethereum blockchain.

Of course, we cannot ignore alternative smart contract platforms like Binance Chain and Solana. They may lack decentralization and censorship-resistance, but they're extremely convenient for "De-Fi" due to their high transaction capacity and cost-efficiency. You can use "De-Fi" on the aforementioned platforms for small amounts of crypto, while using ETH for larger amounts. That way you can minimize risks of loss as much as possible. Ultimately, "De-Fi" is all about bringing banking to the unbanked. As long as it fulfills its purpose, nothing else matters. Just my opinion

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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?

There are so many weaknesses that DeFi currently has, these conditions have not allowed us to make transactions to support the money we have, especially if we don't have a lot of money and are able to keep up with the existing billionaires, I don't think they will ever replace blockchain like ethereum, because DeFi has other targets from the results of the development they are doing at this time, but overall, we don't feel it is profitable to use its services.

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Quote from: nelson4lov on September 22, 2021, 09:06:03 PM

Quote from: X-ray on September 21, 2021, 06:26:35 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.

Agree, if you are using DeFi on Ethereum you will be throwing away hundreds of dollars, and lost profit, in gas fees. Move to SpookySwap on Fantom or Ref Finance on NEAR for high APY, fast transactions, and low gas fees. That's what I'm doing anyway, dyor.

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Quote from: X-ray on September 21, 2021, 06:26:35 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, 05:17:53 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, 06:16:04 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, 06:16:04 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, 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?

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, 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?

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, 06:27:13 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, 06:01:45 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, 06:01:45 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, 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?

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, 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'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, 06:22:20 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, 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 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, 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?

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, 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?

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, 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?

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, 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?

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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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.

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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.

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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.

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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.

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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.

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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.

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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).

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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.

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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.

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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.

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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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Quote from: cryptoaddictchie on September 13, 2021, 06:22:20 AM

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 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.

they have started it(ETH), so its hard to replace it, very hard to replace the ETH Network because basic talk they have done and made strong fundamentals, defi have decentralized the coin network but it will be hard to bring down the ETH network

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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 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.

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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?

Topic: Why are people still using DeFi on Eth? (Read 454 times)