Ethereum, Uniswap, Polygon, BSC: The DeFi party is shifting to this network

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Source: Pixabay

The DeFi market, during its early stages, laid the groundwork for growth for a host of blockchain networks including the likes of Ethereum and Binance Smart Chain. However, with a massive slump ^[1] in Total Value Locked, the DeFi ecosystem has been losing traction of late.

As can be seen from the chart below, the volume on decentralized exchanges (DEXs) almost doubled itself over the April-May period. Alas, it ended up halving itself over the subsequent month. By the end of June, the figures for the same stood at $95 billion.

Source: Messari

According to a recent Messari report ^[2], Binance Smart Chain was far more affected than Ethereum because of this plunge. Here, it should be noted that Binance has been in dire straits lately on the regulatory front. In fact, after being on the regulatory radar of the U.K ^[3], Thailand ^[4], Japan ^[5], Cayman ^[6] Islands, and Ontario ^[7], the platform lost several partnerships including the one with Europe’s Clear Junction.

Amidst the aforementioned dud, the unsatisfactory performance by the DeFi sector has only made Binance’s situation worse. PancakeSwap, a DEX built on top of Binance’s Smart Chain, also saw its volumes dive by 69% in June. What’s more, BSC’s losses have translated into Polygon’s gains. The report noted,

“The rise

Ethereum, Uniswap, Polygon, BSC: The DeFi party is shifting to this network

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