Thursday, January 21, 2021

EOS Will Unleash DeFi –Brendan Blumer

Brendan Blumer, the co-founder and CEO of the firm behind the development of EOS, Block.one, has recently hinted that EOS will unleash decentralized finance (DeFi).

DeFi is an innovation that is presently gaining traction beyond expectations within the cryptocurrency ecosystem and yonder.

However, the co-founder of Ethereum (ETH), Vitalik Buterin, has a bit different opinion regarding the trending topic “DeFi”.

A few hours ago, Buterin tweeted as follows, “Reminder: you do NOT have to participate in “the latest hot defi thing” to be in ethereum. In fact, unless you *really* understand what’s going on, it’s likely best to sit out or participate only with very small amounts. There are many other kinds of ETH dapps, explore them!”

EOS Plans To Unleash DeFi

Considering one of Brendan Blumer’s recent tweets, EOS is planning to join the success train of decentralized finance (DeFi).

In the tweet, the CEO of Block.one said, “EOS will unleash DeFi”.

In response to Blumer’s tweet, a user identified on Twitter as Annabella called the attention of the CTO of Block.one, Daniel Larimer, to the fact that DeFi was EOS’s idea back in 2018, but some people have already maximized the idea and trending with it.

Annabella tweeted, “Daniel Larimer, the idea of #defi on #eosio was submitted at the 2018 eosio hackathon.. before there even was “defi”… it was called @trove_io_, to think you could have been first instead. Some people are just too ahead of trends I suppose and hated for it.”

EOS Is a Better Blockchain to Build Complex and High Performing DeFi

Ran Neuner, the host of CNBC CRYPTO TRADER, called out EOS for its lethargic growth in the market when other top cryptocurrencies are experiencing tremendous price appreciation.

“Someone should tell EOS that all the other coins are running…” Neuner stated

Reacting to Neuner’s jibe, Brendan Blumer wrote, “Hype is often cyclical, but there is more real innovation building on EOS than any other ecosystem… and it is just getting started.”

In the same thread of tweets, a random crypto user challenged Blumer regarding the success recorded by DeFi on the Ethereum network:

“DeFi on ETH is booming. What is booming on EOS?”

In response to the user’s challenge, Daniel Larimer pointed out that EOS is a better blockchain for complex and high performing decentralized finance (DeFi).

Larimer tweeted, “Eos is a better stack for building complex high performance defi. Defi on eth is a hack and requires many ugly comprises to compensate for latency, gas attacks, reorganization, and lack of sorted databases.”

About Decentralized Finance (DeFi)

Decentralized Finance (DeFi) is the merger of traditional bank services with decentralized technologies such as blockchain. It is appropriate to term DeFi as an Open Finance due to its inclusive format.

The aim of the DeFi community is to build alternatives to every financial service in existence, such as savings and checking accounts, loans, asset trading, insurance, among others.

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Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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