The value of funds locked in DeFi protocols is approaching $ 175 billion. Projects representing the decentralized finance market are deployed across multiple blockchains.
In addition to Ethereum and Binance Chain, they are launched based on the Polygon, Solona, Fantom, Terra, Avalanche, and others networks. However, the vast majority of protocols are deployed on Ethereum.
At the moment, DeFi projects launched on the ETH network have accumulated assets totaling up to $ 131 billion. Recently, Ethereum has been facing problems in processing transactions.
Blockchain congestion has recently resulted in a surge in transaction fees. Currently, the average collection is $ 39.8. On September 3, the average commission reached $51.88.
Binance Chain ranks second after Ethereum in terms of the number of deployed DeFi projects. On this blockchain, projects have been launched that have accumulated digital assets worth $ 19 billion (11% of the total funds blocked in the decentralized financing market).
Cardano wants to be part of the DeFi ecosystem. That is why altcoin developers ADA and the network are planning to activate the Alonzo update on September 12th.
With this fork, Charles Hoskinson's team plans to add an option to deploy smart contracts on the blockchain.