In line with Wallebi, although there are many DeFi projects built on Ethereum network, they couldn’t flourish as they planned to. According to Messari, top performing DeFi tokens in 2021 Q1 are not on Ethereum blockchain due to high network fees (gas fees). It means that Ethereum kills his own children. In this article, we are going to discuss top two performing DeFi projects, which did not build on Ethereum blockchain. We are going to take a look at PancakeSwap and Terra (LUNA).
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DeFi projects are no longer interested in Ethereum
PancakeSwap is a decentralized exchange which is built on Binance Smart Chain. Its native token called “CAKE” allows investors to get rewards and vote for future project updates. Interestingly, CAKE price has gained %3031 since the beginning of 2021 and defeating all its rivals in DeFi industry.
The next successful project is Terra. Terra ecosystem includes stablecoin facilitator, synthetic assets, saving accounts, and etc. “LUNA” is the native token of Terra ecosystem. As well as other use cases of governance tokens, LUNA rewards users and it can be also staked to verify the blocks. LUNA’s price has gained %2748 since the start of 2021.
Due to their more affordable price and higher profitability, these two cryptocurrencies have raised their popularity among other DeFi products and could even surpass UniSwap and AAVE. These projects are not launched on Ethereum network due to its high fees especially transactions fees, which is due to network congestion. It seems Ethereum kills his own children. Therefore, new projects are built on other blockchains, which resulted that traders keep their eyes on such these projects.