In 2020, we expect new developments on Ethereum-based DeFi (e.g., derivatives, undercollateralized initiatives, the inclusion of ERC-20 USDT), staking to become a fundamental building block of DeFi, and Alt-DeFi to gain momentum owing to reasons such as more prominent cross-chain interoperability solutions.ĭeFi (Decentralized Finance) has become one of the most significant areas for Ethereum, with more than 100 projects and teams building applications and protocols in 2019.īinance Research started in June a series of reports focusing on Decentralized Finance ( “DeFi Series” ) this third report discusses recent developments and critical narratives in the DeFi space, focusing mostly on Ethereum, though other blockchains are also considered. Similarly, Kyber was used by more than 35K users and displayed a yearly volume of $387 million. Uniswap was used by more than 19K users, exhibiting a total annual volume of $390 million. more than 90% in early 2019)ĭecentralized exchanges “2.0” also picked up in volume. Lending platforms like Compound have increasingly challenged the dominance of Maker, measured by the total collateral value locked in DeFi, which currently stands at ~50% (vs. The incorporation of USDC into multiple DeFi platforms has challenged DAI, owing to reasons such as its more abundant supply, different interest rate dynamics, and greater peg-price stability. Since then, its migration from SAI to DAI has been occurring at a fast pace, with an estimated 64% of the supply being converted (as of December 31st). Since its beginning, the DeFi space has been traditionally dominated by SAI/DAI, the decentralized stablecoin minted in the MakerDAO ecosystem, which released its MCD (Multi-Collateral Dai) in November 2019. Meanwhile, the number of active projects, i.e., with more than 50 daily users, nearly doubled in 2019, while a growing pool of developers has been building new products and establishing new services. Other competing blockchains are also building DeFi products, yet at a much slower pace.Įthereum-based DeFi’s user-side remains small, with an average number of more than 40,000 monthly users, and 90% of these users are using decentralized exchanges. Backed by community, and fuelled by AI, Grok Elo is designed to unlock a new on-chain meme experience.DeFi has become one of the critical growth areas for Ethereum since 2019. Grok Elo is on a mission to become the biggest Grok-backed dog meme in the Binance Smart Chain meme space. The Grok Elo presale is scheduled for December 6 at 17:00 UTC and will take place on Pinksale. The Binance Smart Chain Ecosystem is watching to see how Grok Elo will become the biggest Meme in the BSC ecosystem. Traders and investors are watching how such strategic positioning will affect the market dynamics of a token.Īs everyone is searching for the first project that will successfully combine the power of AI and Memes, Grok Elo is preparing the fundamentals to be the project to achieve it on the Binance Smart Chain. Grok Elo has demonstrated that memes that show the world from a different point of view can be viral and now it’s building a community around it with this $GELO token. Grok Elo is making an entry into the market when the interest in Memes and AI is at an all-time high - While meme coins have a market cap and trading volume of $19.3B and $1.2B respectively, AI-backed tokens have $7.4B and $434m respectively with more room for growth. $GELO is launching just when the rising meme market, worth over $19B. With the rise of artificial intelligence revolutionary applications in all walks of digital life, the anticipated impact of this meme token on the BSC is huge. $GELO is a meme token of the Grok Elo project harnessing the power of the Grok AI and the growing influence of the dog-themed meme community. 07, 2023 (GLOBE NEWSWIRE) - A new meme coin has emerged combining the most updated AI in the market and a rare dog breed with the goal of becoming the king meme on the Binance Smart Chain.
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