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In addition, most NFT markets require ETH to conduct trades on the platform. The network’s blockchain provided the necessary platform to run NFT marketplaces whereby users can mint and trade their creations. The NFT market gained immense traction in 2021 as tokenized digital items were made available using Ethereum. Decentralized Autonomous Organizations (DAOs).Digital identities with the Ethereum Name Service (ENS).Some examples of its DeFi use cases include: You can get a loan, lend crypto, buy derivatives, and trade using Ethereum’s decentralized services. This means there is no need to open accounts or provide personal information. Through the use of the network’s decentralized apps (dApps), users essentially become their own banks with elevated speed, transparency, and security. Decentralized Finance (DeFi)Īpart from smart contracts, Ethereum serves a major role in other areas of decentralized finance (DeFi). In addition, the permissionless capabilities of these smart contracts mean that anyone can deploy one.

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These programmable and self-executing contracts offer transparency since participants are free to view and audit the transaction logs. Smart contracts provide a decentralized protocol to facilitate and verify negotiations that cannot be tampered with or manipulated.

Smart ContractsĮthereum set the standard for smart contracts, with its network currently servicing more than 1.45 million smart contracts on its blockchain. These are just a handful of the applications conceived for Ethereum.

Stablecoins – Fiat-pegged cryptocurrencies (collateralized or fiat-backed) with their stability enforced by smart contracts.

Crypto-collectibles (NFTs) – Non-fungible tokens (NFTs) whose scarcity is enforced by the blockchain.

Governance – Decisions about protocols collaboratively made.

Decentralized Finance (DeFi) – Lending, borrowing and countless derivatives are being deployed through Ethereum smart contracts, where the Ethereum blockchain acts as a trustless intermediary.

Some of the major use-cases of Ethereum so far have been:

The open-source distributed computing platform that powers the ETH network permits active participants to establish digital ledgers publicly ensuring:Īs the need for blockchain grows, Ethereum remains a top choice for developers to leverage their DeFi technologies, relying on the blockchain’s multi-functional and multi-layered ease of access. Ethereum is known for its native token Ether (ETH) and is the second-largest cryptocurrency by market capitalization. Ethereum is a decentralized blockchain network providing global smart-contract functionality and decentralized application (dApp) integration.

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