Ethereum Is No Longer a Monopoly Platform for Stablecoins
There are currently 66 stablecoins on the blockchain market, and over 134 others are still in development.
The overwhelming majority of these stablecoins were running on Ethereum before 2018, without any indication suggesting that this might change.
But the script has flipped, according to Blockchain.com’s “2019 State of Stablecoins” report: Only 50% of all stablecoins are now built on Ethereum, and the latest Blockdata report also highlights this decrease. The ground for the stablecoin market is shifting beneath our feet.
We have recently seen an increased number of entrants into the blockchain market that depend on a sort of asset-backing mechanism. Decentralized finance (DeFi) frameworks such as Compound, MakerDAO and Equilibrium are not only responsible for new mechanisms that generate stablecoin assets, but are also liberating developers to build advanced DeFi applications on top of them.