The DeFi space is booming

Over the last year, DeFi has caused an extraordinary amount of hype in the crypto space. We have watched the number of assets locked in smart contracts grow from less than a billion USD during the first half of 2020 to exceed over 40+ billion USD during February 2021. This understandably attracted many new crypto fans to explore DeFi platforms. On the one hand, this attention is great for overall crypto adoption; however, the influx of users also creates new problems, including congestion on the Ethereum network and extremely high transaction fees for using their protocol.

How to avoid high fees? A Decentralized Application, the gateway to DeFi

To benefit from Decentralize Finance (DeFi) services, where you can easily lend, trade, and earn yield returns through liquidity pools, you need first to connect to a Decentralized Application (DApp).

To conclude, DeFi is experiencing exponential growth, and this is only the beginning. The DeFi financial disruption begins a new era in the Financial Services industry.

The most notable drawback for BSC right now seems to be the lack of current tokens and DApps available on their network. Ethereum is still the most used blockchain for DeFi applications and will probably remain dominant for some time to come. However, as the BSC protocol allows for interoperability between various blockchains in combination with high transaction speeds and low fees, the number of DeFi projects that adopt the BSC technology, and the number of assets being locked on the network, will continue to grow rapidly.

How to avoid high fees?

High fees coupled with DeFi do not make for the best user experience. As many DeFi platforms facilitate advanced Smart Contracts, they often need to handle several interactions inside the contract for a transaction to complete. This means that when the Gas Fees are high, the smart contract becomes expensive. In other words, DeFi users who have small amounts of funds to add to a smart contract might experience fees that cost more than the amount they want to transact when using the Ethereum network.

So how does EcoCelium come into all this?

With these new features being added to the platform, EcoCelium will be one of the most exciting DeFi opportunities on the market.

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