From 29th Aug to 5th Sept, Tether issued 3 times a total of 85M USDT on EOS network. Stablecoins are playing an important role in the DeFi market. So this increasing need of USDT can be regarded as a signal to some extent: EOS DeFi is starting to grow.
Perhaps one of the reasons is that the high gas fee on Ethereum is driving users away. Some new DeFi projects start to look for other more suitable chains besides Ethereum with lower fee and higher capacity. Meanwhile, some DeFi protocols is taking off on EOS, which started to attract people’s attention.
Defibox, a DeFi protocol built on EOS since July 2020, has experienced a users, transactions and volume booming recently. Its daily volume on 4th Sept reached $18.19M.
(Track Defibox’s statistics: https://www.dapp.com/app/defibox)
Now it ranks NO.11 in all decentralized exchanges by 24h volume, and NO.2 in EOS decentralized exchanges, just behind Newdex.
It’s a professional one-stop DeFi application platform on EOS. It provides a decentralized token swap protocol and automatic market-making protocol (AMM), the same function as DeFi on Ethereum.
But can EOS DeFi ecosystem really take the place of Ethereum? Not now.
（DEX on EOS blockchain 24h data: https://www.dapp.com/dapps/eos-decentralized-exchange)
(DEX on Ethereum blockchain 24h data: https://www.dapp.com/dapps/ethereum-decentralized-exchange)
(DEX on Tron blockchain 24h data: https://www.dapp.com/dapps/tron-decentralized-exchange)
Each of the top 5 Ethereum DEX’s 24h volume exceeds $100M, while the NO.1 EOS DEX Newdex’s 24h volume is $21.5M. It’s obvious that currently EOS can’t challenge Ethereum in the DeFi sector. EOS DeFi still has a long way to go before it could even catch up with Ethereum. However, compared with Tron, NO.3 based on volume, and other blockchains, EOS has a relatively large volume and great performance.
And we can’t ignore the core issue when it comes to DeFi - security. The past 2 months have witnessed a lot in Ethereum DeFi: YAM 1.0’s failure, Sushi’s drama, … Will EOS DeFi repeat all the twists and turns during its developing?
Emerald Mine (EMD), a liquidity mining DeFi project on EOS, has moved $2.5M worth of user tokens that were supposedly locked in smart contract to an account labeled “sji111111111”. The EMD project’s website has since become inaccessible. There’s nothing new under the sun, just another exit scam.
(A summary of recent DeFi incidents: https://twitter.com/dapp_com/status/1305766828585615360)
Always be cautious with your investment, no matter which DeFi project on what blockchain you choose to invest in. And let’s see if EOS DeFi could really make the change.
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