The race to dominate the DeFi ecosystem is on

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Ethereum, the leading DeFi platform, seems to be losing its near-monopoly. The resulting fight has been described as resembling competition between operating systems for computers

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TO BELIEVERS, OPEN, public blockchains provide a second chance at building a digital economy. The fact that the applications built on top of such blockchains all work with each other, and that the information they store is visible to all, harks back to the idealism of the internet’s early architects, before most users embraced the walled gardens offered by the tech giants.

Until recently the Ethereum blockchain was the undisputed host of all this activity. It was created in 2015 as a more general-purpose version of bitcoin. Bitcoin’s database stores information about transactions in the associated cryptocurrency, providing proof of who owns what at any time. Ethereum stores more information, such as lines of computer code. An application that can be programmed in code can be guaranteed to operate as written, thereby removing the need for an intermediary.

The problem is that each advance comes with costs. DeFi’s supporters tout the virtue of being able to conduct transactions securely and without centralised intermediaries. But scale must be traded off against a loss of security or of decentralisation. Pooling transactions before they reach the blockchain tends to be done by centralised entities. And it might be easier for hackers to attack a single shard of a blockchain than the entire thing.

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