Decentralized finance competition continues to heat up across the various blockchains. Ethereum Classic might be the next contender to throw its hat into the ring over the coming months. Of course, there is still much work to do, but the initial developments appear promising.
Ethereum Classic x DeFi
It is not entirely surprising to see developers build decentralized finance products and protocols on the Ethereum Classic technology stack. The network has many of the characteristics of Ethereum, but with a ledger that has not been modified to refund victims of The DAO’s hack. Moreover, it uses Solidity as a programming language, making it straightforward for developers to run their protocols and applications on ETC and ETH.
There has been very little interest in exploring Ethereum Classic for decentralized finance purposes. That is a bit strange, although it is somewhat to be expected. Ethereum Classic is considered the “alternative chain” to Ethereum and provides fewer users and much less liquidity for protocols to tap into. That doesn’t mean it’s not worth exploring, but it appears developers are not too keen on making their move yet.
Thankfully, things seem to improve across the board. HebeSwap is the first DeFi protocol to run natively on Ethereum Classic, and it has attracted some attention from ETC enthusiasts. Although just over $500,000 in Total Value Locked is peanuts compared to other networks, every blockchain has to start somewhere. Ethereum Classic is on the path to doing just that, creating some excitement for the future.
Even more intriguing is how Swap Cat may explore opportunities on Ethereum Classic. The DeFi protocol is active across over a dozen blockchains already, even though it has an unknown TVL rating at this time. The main objective now is to ensure more developers and users begin exploring decentralized finance on ETC over the coming months. Whether that plan will succeed is a different matter.
ETC Price Surge Continues
There is more excitement regarding Ethereum Classic beyond the DeFi developments. The ETC price has seen a strong price push this week, yielding a 67% value increase. That is significant, although it doesn’t appear to have to do with DeFi growth. There is too little liquidity and TVL to consider that a factor, even though it is a significant development. There doesn’t appear to be an imminent reason for the ETC price to move up so strongly at this time.
As all crypto markets go through the motions this weekend, next week will be rather interesting. If the ETC price momentum can be sustained, a push past $50 is not out of the question. Additionally, any people will keep a close eye on the DeFi growth, assuming there will be any. Certainly intriguing developments for Ethereum Classic.
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