The decentralized finance (DeFi) ecosystem has continually suffered three major challenges: scalability, security, and decentralization, also called the “scalability trilemma,” as described by Ethereum’s inventor, Vitalik Buterin.
These problems have continually pestered the DeFi industry, despite different protocols claiming to proffer solutions to them. Among the DeFi problem solvers are 3 outstanding protocol/blockchains trying to leave a mark in the industry. They are Binance Smart Chain (BNB), Solana (SOL), and newcomer Quitriam Finance (QTM) which has great potential to make its users very rich.
Binance Smart Chain (BSC): The evolution of the Binance chain ecosystem
Binance Smart Chain (BNB) launched the Smart Chain protocol in 2020, to solve the scalability trilemma on its network. Its native Binance Coin (BNB) was initially on the Ethereum network before it was moved to the Binance Chain.
While Binance Smart Chain remained a milestone for the Binance network, it suffered a blow that limited smart contract deployments on its mainnet. Even though it did upgrade the protocol to accommodate smart contracts, it was due to experiencing network congestion like the CryptoKitties Ethereum incident in 2017. For this reason, Binance Smart Chain (BNB) developed an independent protocol, that would work in parallel to the Binance Chain.
Binance Smart Chain (BNB) chose the approach of creating an independent protocol capable of hosting dApps, and smart contracts (rather than upgrading the existing Binance Chain) because it needed to maintain its vision of providing one of the ‘fastest and decentralized’ trading systems on the Binance Chain. Whilst keeping to its vision of facilitating ‘secure’ smart contracts developments on the Binance Smart Chain (BSC).
Solana’s (SOL) Low Fees and High Throughput Rate: A Big Competition to Ethereum Smart Contracts
In the wake of Solana’s Wormhole bridge attack, the network has remained a top choice by many dApp developers. Its stats alone are mindblowing and remain part of the reason it is gradually outperforming the “king of smart contracts”: Ethereum.
As a matter of fact:
- Solana (SOL) can process up to 50,000 transactions per second (TPS) (that is 500x what Ethereum can currently process simultaneously).
- There is little or no fee charged on Solana-based transactions. ( Ethereum charades up to $50 in gas fees in worse-case scenarios).
However, this doesn’t change the fact that Solana (SOL) has had challenges and skepticism, over its security measures and has suffered a series of DDOS attacks.
And this has been the case for many cross-chain protocols as opposed to the multi-chains. Despite these challenges, developers have continued to bet and look at the brighter side of Solana (SOL), while they hope Ethereum (ETH) fulfills its propositions in ETH2.0.
Quitriam Finance (QTM), a multi-chain launchpad for DeFi protocols
The Quitriam Finance ecosystem plans to provide security, decentralization, and fast crypto transactions on its protocol. Its throughput size alone is 500x that of Ethereum and can process 50,000 TPS for a fee of about $0.00001 реr trаnѕасtiоn. This low transaction cost could prove to be very popular, attract a lot of new investors, and has the potential to give its users great gains in the future.
Quitriam Finance’s DEX protocol looks to solve “order matching” problems, like impermanent losses suffered on many DEXes by еmрlоуing аdvаncеd machine learning, and nеurаl network аlgоrithmѕ.
Quitriam Finance’s tokenomics show the large prospect in its coin, with over 500B tokens in total supply, which will be distributed in the following order:
- 5% will be for marketing purposes
- 5% will go to dev wallets
- 30% will go into presales
- 10% will power the DeFi ecosystem
- It will use the remaining 50% to provide liquidity on the exchange.
Quitriam Finance’s DeFi ecosystem surpassed a $700 million market value, in locked-in crypto products; currently, it boasts over $3.6 billion in locked-in assets.
Quitriam Finance (QTM) is an emerging protocol envisioned to dominate the DeFi space. The protocol’s mainnet will act as a launchpad for many DeFi projects such as NFTs, Automated Market Makers (AMM), Yield Farms, and DEXes.
As opposed to cross-chains (which suffer potential security vulnerabilities) such as Solana (SOL). Quitriam Finance (QTM) will operate a secure multichain mainnet comprising some necessary components, like a community-driven token, AMM, and a saving and lending portal with mouth-watering returns, among other things which are great reasons to consider investing in the cryptocurrency because of its popularity and great potential.
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