In recent months we have seen the explosion of several alternative blockchains. First the Binance Smart Chain, then Solana and Matic.
The Ethereum network has lowered its fees a bit in recent weeks, however DeFi is increasingly interesting.
Among the first platforms to move from Ethereum to elsewhere, we can mention Harvest Finance and 1Inch (BSC).
Other giants born from Ethereum have moved to Matic layer2: Aave, Sushiswap and Curve Finance.
Beefy Finance also arrived on Matic, which was originally born on the Binance Smart Chain. I remember that it is very simple to configure the Matic network on Metamask (just enter the following data in the customized network):
Mainnet Matic Network
Network Name: Matic Mainnet
New RPC URL: https://rpc-mainnet.matic.network
Chain ID: 137
Symbol: MATIC
Block Explorer URL: https://explorer.matic.network/
If you want, there is also an official faucet that allows you to receive 0.0005 Matic. It can be used up to 3 times a day for 0.001 Matic (enough to make 100 transactions!). What is it for? You will not get rich! This faucet is only for making transactions, if you don't have Matic (it's NOT a ref link)! You can find it here: Free Matic (For Gas)
If you look at the TVL Ranking, you can see that the blockchain that is growing the most is Matic (Polygon).
How does Matic work? It is simply a bridge that allows you to transfer liquidity from other blockchains (BSC and above all ETH which is very expensive!) to its blockchain.
If you DO NOT want to pay for ETH gas, you can use the exchange Ascendex (Signing Up) which allows you to withdraw directly on the Matic chain!
How does it work? Buy tokens on the exchange or transfer your Erc20 (or BSC Bep20) to this exchange and then make the withdrawal directly to your Metamask Matic wallet!
Even the Binance Smart Chain, despite some rug pulls and hacking attacks (for example on PancakeBunny and Belt Finance) remains on fire. One of the problems that is emerging is that it is really too easy to create tokens (thanks to the low fees) so many scams are proliferating. I have often talked about BSC in the past so I don't say anything else. If you don't know how to use/buy bep20 tokens, I recommend this article: How to Swap Token Bep2 To Bep20: Binance Smart Chain (Yield Farming)
Finally I want to say something about Solana. It is the fastest and least expensive blockchain, although in its DeFi we can see that there is still little liquidity locked up.
It probably also depends on the fact that it is a completely different algorithm that does not support the Ethereum Virtual Machine (which makes the BSC and Matic compatible with the Ethereum blockchain). Certainly, however, we must be taken into consideration. A good wallet that I can recommend is Sollet: Sollet Extension (Solana Wallet)
You can learn more about some of Solana's projects here: All The Best Projects Of The Solana Blockchain (Top Eight). Alameda Research (FTX Exchange) of is the leading investor in Solana ecosystem:
Are you using these alternative DeFi? Which one do you prefer? Matic? BSC? Or Solana?
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