Growing Networks, Growing Pains: Re-Charting the Path to DeFi’s Sustainable Future

Growing Networks, Growing Pains: Re-Charting the Path to DeFi’s Sustainable Future

By Amrit Kumar, President, Chief Scientific Officer and Co-Founder of Zilliqa

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By Amrit Kumar, President, Chief Scientific Officer and Co-Founder of Zilliqa

In the early months of 2020, the coronavirus pandemic brought the world economy to a near halt as stock prices toppled, sending global financial markets to the brink of collapse. The crypto market was hardly spared from the impact, as prices dropped as low as 40 percent this past March 12. In response, DeFi users were quick to pivot. Amid the market shocks of March, users quickly transitioned from “the long game of lending and borrowing” on decentralized applications, instead flocking to safe-haven assets such as stablecoins.

According to industry site DeFi Pulse, the total value of digital assets locked in the DeFi ecosystem’s financial products had jumped to $7.88 billion on August 30—up from an estimated $700 million last December. With the creation of new services such as stablecoins, decentralized exchanges, borrowing and lending, the DeFi ecosystem has been steadily inching towards maturation. However, amid recent security scares and mounting transaction fees, it…

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