The past few months have been warped by the hot trend of DeFi, yield farming, and now…yams? Stake your coins and earn more coins has been the motto which we have all been hyped crazy about. The level of frenzy has also spurred up the amount of activity and fees on the Ethereum network to fresh new highs and have seen the TVL in DeFi smart contracts on Ethereum to an ATH of over $4.7 Billion. Simply insane considering that it was only back in May where when we hit $1 Billion was considered a milestone.

But all of this is centered around the Ethereum blockchain which has been the dominant public blockchain for quite sometime now. And it’s no mystery why many DeFi projects want to use the Ethereum blockchain as their designated layer 1 protocol. But what about the other smart contract public blockchains? They too have also been diligent in forming their own DeFi ecosystem albeit at a slower pace within the shadows of Ethereum. But we’ll take a quick glimpse of what the other major public blockchain DeFi ecosystems look like before they start to experience the craze we are seeing today.

TRON

Although including the Tron blockchain network into this article could be divisive and would incite controversy mirroring CT’s fondness of the project, we’d figure why not include it as there efforts should not be overlooked regardless of intent. And at the end of the day, we’re all trying to pique adoption within this space at the same time being inundated by the rapidly developing daily feeds of what’s hot and not. It was just recently that Tron’s colorful founder, Justin Sun, took to Twitter in announcing Tron’s efforts into the DeFi space with 3 new projects self named after him: JUST Lend, JUST SWAP, and JUST BTC. Although the apathy of Tron’s DeFi activity over the past years have been overshadowed by pervasive gambling dApps, there are a few DeFi dApps that make up this minority.  

POLKADOT

Despite the founder of Polkadot, Gavin Wood, being a co-founder of the largest DeFi platform, Ethereum, the former is also starting to make waves in the DeFi space with its own niche DeFi ecosystem sprouting up. And just recently it was announced that the platform will create a Bitcoin backed token named, PolkaBTC, enabling Bitcoin HODL’ers to use their BTC on Polkadot. Another well anticipated DeFi project called Stafi has also been hot recently. EOS-based Equilibrium has also decided to set up an interoperable network on Polkadot as well due to its high throughput with its higher degree of decentralization. Once Polkadot completes the rollout of sharding and parachains, except more DeFi projects to hop on the bandwagon.

EOS

The rise of EOS DeFi has also been, for the most part, runner up to Ethereum’s DeFi ecosystem. Considering that the EOS platform has launched a bit over 2 years ago to the frenzy of a large ICO fundraising, it has made strides on many fronts and has gained a substantial fan base out in Asia. Their biggest DeFi platform unequivocally is still REX (Resource Exchange). And to further promote EOS, Newdex has recently set up the EOS ecological DeFi special development fund. The fund is named "Newdex Seed", which is used for the incubation of EOS ecological DeFi projects and the developer support to promote the prosperity of EOS ecology.

COSMOS

The sudden emergence of Cosmos in the DeFi space has obviously turned heads onto the project with many digging deeper into its origins (including the recent breakup for the founding team earlier this year) rather than focusing on its disparate model in relation to Ethereum’s. Although its hub-and-spoke model have been egg’ed on for potential future inter-hub wars versus Ethereum’s more centralized values and incentives, Cosmos does boast faster throughput with lower fees. But the infrastructure has definitely been grounded with the projects of Kava, Terra, ThorChain, Anchor, and even Bancor leading the way.

Bytom also launched the DeFi protocol cluster MOV, which is a decentralized value exchange ecosystem with products including loans, stablecoins, synthetic assets, derivatives, etc. In June of this year, MOV launched the superconducting exchange, followed by the introduction of innovative mechanisms such as oracles and grid transactions.

Ontology’s DeFi layout includes the issuance of stablecoin PAX based on the Ontology blockchain platform, cooperation with DeFi application providers such as SALT Lending and LendChain, and the provision of DID solutions by Ethereum and Polkadot’s DeFi projects. The ecology mainly involves stablecoins, insurance, lending, payment and other fields. And just recently a new DeFi project on Ontology was just launched called The Oin platform. The Oin platform is based on the Ontology network and is first linked to the Ontology ecosystem, thus forming the initial platforms: OINSwap, OIN wallet, OIN-DAO, USDO stable currency and OIN-Lend.

The high-performance public chain platform Solana has also begun to deploy in the DeFi ecosystem. In addition to cooperating with the decentralized oracle Chainlink and the decentralized exchange DDEX, the cryptocurrency exchange FTX also announced that it will launch Solana-based decentralization in the next one or two weeks for Serum.