Decentralized Finance [DeFi] has been making headway in the cryptocurrency market since last year with millions of dollars locked in the ecosystem. While this particular space has been seeing significant growth, some speculators such as TM Lee – CoinGecko Founder – are expecting its debut on other blockchains (apart from Ethereum) in the near future.
One of the questions asked during an AMA session hosted by Messari was whether DeFi projects were already being developed in the Ethereum Classic ecosystem. Bob Summerwill – Executive Director at the ETC Cooperative – remarked that “ETC is, to my mind, a way better platform than ETH for DeFi project, backing the statement by giving three reasons.
“First: Ethereum Classic was “hard-money,” second: the project’s goal was ensuring sustainability, whereas Ethereum’s future was still in the gray area considering the PoS shift. He went on to state that “scalability was supposed to be the lowest concerns,” “if you are building financial instruments to hold for year.“
In the session, Summerwill went on to add “ETC is Ethereum too and with complete compatibility, DeFi projects could target ETC as well very easily. I expect to be talking to many, many DeFi projects in the coming months, giving them the elevator pitch”
Summerwill also highlighted that there were already DeFi projects on ETC, stating,
“There are some DeFi projects on ETC – mainly DEXes and speculative tokens – but I expect a raft more to appear in 2020. Before we hit this feature parity, it did not make a lot of sense for any project to favor ETC over ETH, so we are missing lots of that DApp ecosystem, but that can change fast.”
Contrastingly, the founder of MakerDAO Rune Christensen has recently credited Bitcoin and Ethereum of having the potential to become digital gold. He highlighted how Ethereum after its shift to PoS would be capable of running multiple blockchains.
“So you’re already like if you want to be able to get the advantages of ETH 2.0 you have to start thinking today about how are you going to build your applications so that it can exist across multiple blockchains. So because we’ve already done that, that also means we will immediately be able to get all the benefits of Eth 2.0 as soon as it launches.”