{"id":4869,"date":"2020-10-05T15:04:18","date_gmt":"2020-10-05T15:04:18","guid":{"rendered":"https:\/\/www.newsbtc.com\/?p=440497"},"modified":"2020-10-12T07:00:55","modified_gmt":"2020-10-12T07:00:55","slug":"cardano-defi-development-is-in-boom","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/cardano-defi-development-is-in-boom\/","title":{"rendered":"Cardano DeFi Development is in Full Swing in 2020!"},"content":{"rendered":"<p>The market dip has hit DeFi tokens particularly hard. <a href=\"https:\/\/twitter.com\/cryptopigmedia\/status\/1312834927147220993\">@cryptopigmedia<\/a> noted that the biggest loser to date is Curve Finance, whose CRV token has dropped 93% since its peak.<\/p>\n<p>\u201cDeFi darling\u201d Yearn Finance hasn\u2019t faired much better, with the YFI token losing 61% from its $44,183 high.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p dir=\"ltr\" lang=\"en\">Defi Death Mission <a href=\"https:\/\/t.co\/UvGP8OcLqu\">pic.twitter.com\/UvGP8OcLqu<\/a><\/p>\n<p>\u2014 Cryptopig (@cryptopigmedia) <a href=\"https:\/\/twitter.com\/cryptopigmedia\/status\/1312834927147220993?ref_src=twsrc%5Etfw\">October 4, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Despite that, and the subsequent <a href=\"https:\/\/www.newsbtc.com\/2020\/10\/04\/yearn-finance-yfi-nosedives-17-as-defi-yields-dry-up\/\">fall in yields<\/a>, <a href=\"https:\/\/youtu.be\/-vb1xVOdP6Y?t=902\">Nicol\u00e1s Arqueros<\/a>, CTO at EMURGO, believes this is a temporary setback. Drawing on the example of the tech bubble at the turn of the century, he sees DeFi recovering.<\/p>\n<blockquote>\n<p>\u201cmost of the technologies, sometimes they can start like\u2026 they can be too hot and turn into a bubble. But, for example, we have the bubble in the 2000s with all the tech companies, and we saw that Amazon was a bubble at that point. Yes, at that point it was a bubble, but now the value and the price in the stock market even higher.\u201d<\/p>\n<\/blockquote>\n<p>With that in mind, EMURGO is continuing unphased in its development of DeFi on the Cardano chain.<\/p>\n<h2>Cardano Looking to Improve on Ethereum<\/h2>\n<p>Ethereum, as the biggest provider of DeFi services, is the platform every blockchain wants to emulate.<\/p>\n<p>But Arqueros states that EMURGO has examined what Ethereum does and built a smart contract framework which he believes is superior.<\/p>\n<p><a href=\"https:\/\/academy.binance.com\/en\/glossary\/unspent-transaction-output-utxo\">UTXOs<\/a> refers to a transaction output that can be used as input in a new transaction. Under this model, the UTXO defines where each blockchain transaction starts and finishes. This contrasts with the account\/balance model employed by Ethereum.<\/p>\n<p>Arqueros expands on how the UTXO model will run on Cardano by saying:<\/p>\n<blockquote>\n<p>\u201cwe\u2019re avoiding most of the unncessary operations on the chain. For example, you no longer have to interact with that many smart contracts. Instead what you can do is verify that information was signed by some specific private key after the usage of its public key.\u201d<\/p>\n<\/blockquote>\n<p>He also mentions that scalability is much easier to achieve on Cardano, due to the parallel UTXO architecture employed. The upshot of this is cheaper and faster transactions.<\/p>\n<blockquote>\n<p>\u201cUTXO is like a better way to play nice with other technologies that we see as required for a blockchain to scale up.\u201d<\/p>\n<\/blockquote>\n<div class=\"jeg_video_container jeg_video_content\"><iframe loading=\"lazy\" title=\"Building DeFi on Cardano the UTXO way | Nicolas A., Emurgo + Cardano\" src=\"https:\/\/www.youtube.com\/embed\/-vb1xVOdP6Y?start=713&amp;feature=oembed\" width=\"500\" height=\"281\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/div>\n<p>Not only that, but during the interview, Arqueros also spoke of cheaper on-ramping into stablecoins, developing a network of oracle providers, and perhaps most pertinently, encouraging decentralized exchanges.<\/p>\n<blockquote>\n<p>\u201c[on decentralized exchanges] definately we want to have a few on Cardano, and we multiple organizations working on multiple proposals\u2026 you can expect to see most of the same applications that you see on Ethereum and other blockchains.\u201d<\/p>\n<\/blockquote>\n<p>Given the frustrations of using the Ethereum blockchain, some projects are looking to port over to Cardano. SingularityNET was the first big name to action a move away from Ethereum.<\/p>\n<p>But the question is, will developments at Cardano see a mass exodus from Ethereum?<\/p>\n<p>Arqueros said that Cardano has been in contact with a number of developers looking to port over. However, he remained tight-lipped on specific names.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-440504 size-full\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/10\/Hf6hVZxe.png\" sizes=\"(max-width: 1793px) 100vw, 1793px\" srcset=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/10\/Hf6hVZxe.png 1793w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/10\/Hf6hVZxe-460x223.png 460w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/10\/Hf6hVZxe-860x418.png 860w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/10\/Hf6hVZxe-768x373.png 768w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/10\/Hf6hVZxe-1536x746.png 1536w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/10\/Hf6hVZxe-750x364.png 750w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/10\/Hf6hVZxe-1140x554.png 1140w\" alt=\"Cardano daily chart YTD\" width=\"1793\" height=\"871\" \/><\/p>\n<pre>Cardano ADA daily chart YTD with volume. (Source: <a href=\"https:\/\/uk.tradingview.com\/symbols\/ADAUSDT\/?exchange=BINANCE\">tradingview.com<\/a>)<\/pre>\n\n\n<p>READ MORE ONLY AT BUYUCOIN &#8211;<\/p>\n\n\n\n<p><strong><a href=\"https:\/\/www.buyucoin.com\/crypto-labs\/stormx-vs-lolli-which-is-the-better-crypto-cashback-app\/\" class=\"rank-math-link\">StormX vs Lolli: Which is the Better Crypto Cashback App? <\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The market dip has hit DeFi tokens particularly hard. @cryptopigmedia noted that the biggest loser to date is Curve Finance, whose&#8230;<\/p>\n","protected":false},"author":1,"featured_media":4870,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[55],"tags":[149,95,263,264,121,265],"class_list":["post-4869","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-crypto-news","tag-cardano","tag-defi","tag-emurgo","tag-goguen","tag-industry-news","tag-smart-contracts"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/4869"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=4869"}],"version-history":[{"count":1,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/4869\/revisions"}],"predecessor-version":[{"id":4982,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/4869\/revisions\/4982"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/4870"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=4869"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=4869"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=4869"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}