Why are people still using Ethereum DeFi?

makishart

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Quote from: haenko on January 21, 2022, 04:28:01 PM

Yeha
Just to give an example, if people use Aurora (EVM that runs on NEAR Protocol), they will get really cheap gas (0.01$<), almost instant transactions, and great APY for farming liquidity.

That's a good example. How many people actively used NEAR and ETH can't be determined. My friend was using ethereum and near protocol so what's next? If you're only shilling for near and people aware about the existence of near protocol. that's why people are pumping this so hard. Im still active using near protocol right now.

Don't you even watch the user chart of near protocol? How can you easily say like that? have you done a research before? People can use multiple platforms at once. People aware about all of features that being offered by new scalable blockchain like near or even matic and solana.

masterrex

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Quote from: haenko on January 21, 2022, 04:28:01 PM

Hi everyone, I would like to hear your opinion on why a large number of people continue to use DeFi of Ethereum, if it is possible to use the DeFi of other ecosystems with lower fees, faster transaction speeds and better APY for farming in DEXs.

Just to give an example, if people use Aurora (EVM that runs on NEAR Protocol), they will get really cheap gas (0.01$<), almost instant transactions, and great APY for farming liquidity.

IMO, I think its because Ethereum is the oldest smart contract platform in the crypto industry that's why many users are still using it in the name of loyalty and of course, Ethereum Network is much more decentralized compared to other smart contract providers so for me it's a good reason to stay in Ethereum despite with its problem on expensive transaction fees.

bitkanu

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You should not be surprised if there are loyal supporters for ethereum even when the price of gas fees was so high. The loyal supporters and users will always try to use it and they didn't even think to retire from use ethereum protocol. They know about such possibility but do they need to leave ethereum just to use another protocol while they know that they can use another protocol at the same time when they are also using ethereum?
People are aware about that and they must not be dictated and to be honest you should not feel worry about that. I do believe that if people have their own choice.

AnonBitCoiner

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Etherium is biggest blockchain in Defi Ecosystem. It is the first blockchain and their security is very secure than other any blockchain.
Fee is big problem but will be soon solved within next year.

Jackl87

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Quote from: haenko on January 21, 2022, 04:28:01 PM

Hi everyone, I would like to hear your opinion on why a large number of people continue to use DeFi of Ethereum, if it is possible to use the DeFi of other ecosystems with lower fees, faster transaction speeds and better APY for farming in DEXs.

Just to give an example, if people use Aurora (EVM that runs on NEAR Protocol), they will get really cheap gas (0.01$<), almost instant transactions, and great APY for farming liquidity.

I would say most of the people in here that are actively trading cryptos know about the fact that there several other chains out there nowadays and that a lot of tokens are not only available on the ethereum network anymore but also on BSC, polygon, Solana and others. I also try to bridge my erc 20 tokens slowly but surely to the other networks because i am just a small fish and therefore it is just not making sense for me to pay 50$ of eth gas fee if i make a swap that is worth 60$ or so. Still ETH was the first mover of that whole smart contract thing and it really deserves praise for that.

khiholangkang

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Quote from: haenko on January 21, 2022, 04:28:01 PM

Hi everyone, I would like to hear your opinion on why a large number of people continue to use DeFi of Ethereum, if it is possible to use the DeFi of other ecosystems with lower fees, faster transaction speeds and better APY for farming in DEXs.

Just to give an example, if people use Aurora (EVM that runs on NEAR Protocol), they will get really cheap gas (0.01$<), almost instant transactions, and great APY for farming liquidity.

I think the question should be why developers are still using the ETH network instead of people.
Since people invest in a project developed by a developer, if the developer switches to using another network, of course investors will follow.

michellee

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Suppose you ask about why then the answer could be because of money. People tend to use Defi of Ethereum because they see the chance to make money from the projects and while the trend continues, they can use it for themselves. They do not mind the fees as their profit will be bigger than the fees so they will still use that to make more money. I think they do not just use Defi of Ethereum, but they also use the other Defi from the other ecosystems to make more money from the others.

Coin_trader

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Quote from: haenko on January 21, 2022, 04:28:01 PM

Hi everyone, I would like to hear your opinion on why a large number of people continue to use DeFi of Ethereum, if it is possible to use the DeFi of other ecosystems with lower fees, faster transaction speeds and better APY for farming in DEXs.

Just to give an example, if people use Aurora (EVM that runs on NEAR Protocol), they will get really cheap gas (0.01$<), almost instant transactions, and great APY for farming liquidity.

Most people sticked on Ethereum Blockchain is because there's a lot of new Dapps and NFT out there that has a lot of profit potential. Obviously they are just using some DeFi apps to have a passive profit while waiting for a project with good profit opportunities. Its very hard to transfer funds from one blockchain to another that's why most of ethereum user didn't mind the fee in exchange for good profit on Ethereum.

Emitdama

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Quote from: haenko on January 21, 2022, 04:28:01 PM

Hi everyone, I would like to hear your opinion on why a large number of people continue to use DeFi of Ethereum, if it is possible to use the DeFi of other ecosystems with lower fees, faster transaction speeds and better APY for farming in DEXs.

There are some factors responsible for why people have kept it tight over time with ethereum even with their high gas fee. First, it is the biggest brand, people love to stick to what they how it works than trying out new one, fast transactions, ethereum has built reputation that has made people trust them. These are some of the reasons and I can continue to list for endless reasons.

But what we need to debate is, how long etehreum will be able to keep its adopters to stick within their ecosystem; I mean there are enough competitor platforms are available for people to switch and adopt hence if ethereum devs will not take necessary steps then that will lead to collapse due to failing to update reasons.

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Quote from: haenko on January 21, 2022, 04:28:01 PM

Hi everyone, I would like to hear your opinion on why a large number of people continue to use DeFi of Ethereum, if it is possible to use the DeFi of other ecosystems with lower fees, faster transaction speeds and better APY for farming in DEXs.

You should not worry about that they keep using this thing coz they know that if ethereum defi will always have a big demand. You can't expect those people have not used the dex that build in the near protocol as well. That's wrong. So many of them have been actively using various dex in the multiple blockchain. You must not generalize if so many people keep using ethereum blockchain. I'm also actively using various dex in so many blockchain as long as that makes me confidence with it.

Quote from: haenko on January 21, 2022, 04:28:01 PM

Just to give an example, if people use Aurora (EVM that runs on NEAR Protocol), they will get really cheap gas (0.01$<), almost instant transactions, and great APY for farming liquidity.

I'm sure that some of them using it right now. They do know about that and that's why you must not only see that based only from the chart.

jrrsparkles

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Quote from: haenko on January 21, 2022, 04:28:01 PM

Hi everyone, I would like to hear your opinion on why a large number of people continue to use DeFi of Ethereum, if it is possible to use the DeFi of other ecosystems with lower fees, faster transaction speeds and better APY for farming in DEXs.

Just to give an example, if people use Aurora (EVM that runs on NEAR Protocol), they will get really cheap gas (0.01$<), almost instant transactions, and great APY for farming liquidity.

Ethereum is like a popular brand and the new ecosystem with the same activity for cheaper fee actually may look cheap to them or they are not even aware of their existence. For me Defi itself is not even a good investment because it was actually proposed for its utility now everyone just see from the returns perspective so anything may happen at anytime, and now the bear market also began so we can see what are the systems can withstand until the next cycle.

lobo13hf

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Quote from: haenko on January 21, 2022, 04:28:01 PM

Hi everyone, I would like to hear your opinion on why a large number of people continue to use DeFi of Ethereum, if it is possible to use the DeFi of other ecosystems with lower fees, faster transaction speeds and better APY for farming in DEXs.

It's caused by TVL is still being concentrated in ethereum DEFI. The majority of demands are still in ethereum defi. You will never able to use this defi with small fees, faster transaction and better APY but when you're moving to the defi outside of ethereum ecosystem and you may able to find that just like pancakeswap on BSC.

Quote from: haenko on January 21, 2022, 04:28:01 PM

Just to give an example, if people use Aurora (EVM that runs on NEAR Protocol), they will get really cheap gas (0.01$<), almost instant transactions, and great APY for farming liquidity.

People are following the demand. Basically, they are using the platforms that used by so many people. It's about demand and trust. it doesn't have correlation with technical specification of blockchain.

Yogee

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It's not all about transaction fees and quick confirmation. Ethereum Dapps or DeFis used to be a good place for retail traders but they are mostly for the big boys now and developers are also aware of that fact. Wouldn't you want to go where the big money is if you're trying to sell something?

Fivestar4everMVP

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Quote from: haenko on January 21, 2022, 04:28:01 PM

Hi everyone, I would like to hear your opinion on why a large number of people continue to use DeFi of Ethereum, if it is possible to use the DeFi of other ecosystems with lower fees, faster transaction speeds and better APY for farming in DEXs.

Just to give an example, if people use Aurora (EVM that runs on NEAR Protocol), they will get really cheap gas (0.01$<), almost instant transactions, and great APY for farming liquidity.

Well, am just as curious as you are, but my guess is that -
1 - the high gas cost on the Ethereum blockchain for transaction confirmation isn't a problem at all for this set of guys.
2 - in as much as there are several other options out there, there are people who don't like trying out new stuffs when the old one hasn't failed them in any way, Ethereum blockchain is an outstanding blockchain that I don't think any other can ever supercede in terms of legacy, Ethereum also have a lot of developers and loyal community members, Ethereum has written its name in the sand of time and I think it can never be forgotten, no matter how high the fees get , there will be people who will continue building on it.

haenko

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Hi everyone, I would like to hear your opinion on why a large number of people continue to use DeFi of Ethereum, if it is possible to use the DeFi of other ecosystems with lower fees, faster transaction speeds and better APY for farming in DEXs.

Just to give an example, if people use Aurora (EVM that runs on NEAR Protocol), they will get really cheap gas (0.01$<), almost instant transactions, and great APY for farming liquidity.

Topic: Why are people still using Ethereum DeFi? (Read 126 times)