Brief History of DeFi

Brief History of DeFi #DeFi refers to a movement involving financial services. These services leverage decentralized infrastructure to operate in the form of a #blockchain network and smart contracts. DeFi has been one of the most notable topics in the #cryptocurrency industry in recent years. DeFi has realized #Bitcoin's initial goal of a decentralized peer-to-peer (P2P) payment system, and perhaps even created a powerful concept that exceeds this goal. The DeFi industry, which has reached a total market value of $80 billion, continues to grow rapidly. Let's try to follow the historical development of cryptocurrencies and the journey of DeFi over the years; 2010: ❯ Bitcoin launched – The birth of decentralized digital currency. 2013: ❯ Mastercoin launched the first ICO - laying the foundation for #token fundraising models. 2015: ❯Ethereum goes live on mainnet – Introducing smart contracts and paving the way for DeFi. 2016: ❯#DAO founded – A venture capital fund built on Ethereum, which was later hacked, leading to a split in Ethereum and the creation of Ethereum Classic. 2017: ❯ #Uniswap was conceptualized by Hayden Adams by introducing the concept of AMM. ❯ ICO boom occurs, leading to increased interest in #Ethereum and its potential. 2018: ❯ Compound Finance is launching – A core DeFi lending protocol. ❯ MakerDAO launched DAI stablecoin, a decentralized and collateral-backed stablecoin. 2019: ❯ Uniswap V1 was launched, indicating the growth of decentralized exchanges. ❯ Synthetix, a synthetic asset platform, is attracting attention in the DeFi field. 2020: ❯ Yield farming has become a trend that started with Compound's COMP token distribution. ❯ Yearn finance (YFI) is emerging, creating vaults that automate yield farming strategies. ❯ DeFi summer is experiencing explosive growth in the DeFi sector. ❯ #Binance Smart Chain is launching, offering a more scalable and lower-fee alternative to Ethereum. ❯ Sushiswap, a Uniswap fork, has been launched and offers a unique liquidity mining program ❯ Chainlink stands out as the leading decentralized oracle service. 2021: ❯ Ethereum begins its transition to Ethereum 2.0 with the launch of Beacon Chain. ❯ #Layer2 scaling solutions such as #Optimism and #Arbitrum are being implemented. ❯ Uniswap V3, which brings concentrated liquidity, has been launched. ❯ #Polygon is witnessing mass adoption by scaling Ethereum. ❯ #Aave v2 has been released, offering features such as collateral swap and local credit delegation. ❯ Alchemix introduces self-repaying loans, a unique DeFi innovation. ❯ DeFi on other chains (e.g. #Solana, #Avalanche) is starting to gain traction. ❯ The rise of DAOs as governance in DeFi projects becomes more complex. 2022: ❯ Merger of Ethereum was announced and a complete transition to Proof of Stake was planned. ❯ Cross-chain and multi-chain infrastructure is becoming the focus, with projects such as #Cosmos and #Polkadot playing an important role. ❯ Flashbots are emerging to solve the MEV (Miner Extractable Value) problem. ❯ Regulators around the world are starting to pay more attention to DeFi, sparking debate about the future of the space and its relationship with traditional finance. 2023: ❯ Ethereum's Shapella upgrade brings groundbreaking changes to liquid #staking and LSTfi. ❯ L2 Wars is gaining momentum. ❯ DeFi lego flywheels are gaining more traction. ❯ Account abstraction is gaining more attention. ❯ Intensifying emphasis on #Blockchain interoperability and unified liquidity. ❯ Telegram bots are emerging as new alternatives to both centralized and decentralized exchanges. To learn more about Defis @KoinSaati Don't forget to follow the website.