Which cryptocurrencies are commonly used in DeFi and CeFi ecosystems?

1 answers

• Mar 22, 2022 · 3 years ago
  As an expert in the field, I can tell you that Ethereum (ETH) is the king of DeFi and CeFi ecosystems. Its smart contract capabilities and large developer community have made it the go-to platform for building decentralized applications and protocols. Many DeFi projects, such as lending platforms, decentralized exchanges, and yield farming protocols, are built on Ethereum. Bitcoin (BTC) also has a significant presence in both DeFi and CeFi. While Bitcoin itself is not as programmable as Ethereum, projects like Wrapped Bitcoin (WBTC) have emerged to bridge the gap between Bitcoin and DeFi. Other cryptocurrencies commonly used in DeFi and CeFi include stablecoins like Tether (USDT) and USD Coin (USDC), which provide stability and liquidity to the ecosystem. Overall, these cryptocurrencies form the backbone of DeFi and CeFi, enabling users to access a wide range of financial services.
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