The post The Rise of DeFi-Centric Blockchains Transforming the World of Finance appeared on BitcoinEthereumNews.com.

Say it quietly, but DeFi isn’t so new or novel any more. At a certain point, a technology or movement loses the upstart tag and sets about the work required to become, well, part of the fabric of modern life. This is certainly true of DeFi, which emerged as a groundbreaking financial innovation several years ago and is now intent on becoming mainstream. At its core, DeFi leverages blockchain technology to provide a broad array of peer-to-peer financial services, cutting intermediaries like banks out of the picture. Offering products such as loans, savings accounts, asset trading, and insurance, decentralized applications (dApps) depend on the security, speed, and decentralization of blockchain to put TradFi in the shade. As the DeFi landscape continues to evolve, the market’s potential for growth is starting to turn heads: a recent Binance Research report suggests its market could hit a valuation of $231.2 billion by 2030, while market intelligence firm SkyQuest predicts an even more optimistic figure of $446bn by 2031. There are many factors feeding into such a bullish prognosis, not least the sheer proliferation of impactful financial dApps coming to market – and the influx of TradFi capital following the approval of spot BTC and ETH ETFs. The fortunes of dApps are, of course, linked to the blockchains to which they’re anchored. Indeed, we have started to see DeFi-centric blockchains come to the fore, the sort designed to meet the unique needs of financial applications. One such example is Cosmos, which describes itself as “an ever-expanding ecosystem of interoperable and sovereign blockchain apps and services.” Let’s take a closer look at why Cosmos’ architecture has made it one of the industry’s go-to DeFi blockchains. Cosmos Appchains: The Everything Blockchain Elon Musk famously said he wanted to turn Twitter into X, the “everything app.” Cosmos,…

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Filed under: News - @ August 9, 2024 10:10 am