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Ethereum DeFi Ecosystem: A Deep Dive

A look inside the Ethereum DeFi ecosystem
Binance Research (Shivam Sharma)

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  • Ethereum’s decentralized finance (“DeFi”) ecosystem has been at the forefront of innovation in the space;
  • Decentralized Exchanges (“DEXes”) and Lending are the leading categories of decentralized applications (“dapps”) within DeFi, with Uniswap, Curve, Aave and Compound topping the charts;
  • Derivatives and Yield Aggregators also form an important part of the ecosystem, while Liquid Staking is a newer, but rapidly growing category, currently largely dominated by Lido;
  • First-mover advantage, innovative integrations within wallets and a vibrant developer community has allowed Ethereum to maintain their leading position;
  • EVM-compatibility, a focus on layer 2 scaling & sidechains and programming language choices are important factors for competing chains to consider and could potentially exacerbate the erosion in market share that Ethereum DeFi has experienced in the last 18 months.

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