Decentralized Finance (DeFi), an Ethereum based protocol, has taken the whole crypto ecosystem by surprise with its phenomenal growth in 2020. The Defi ecosystem, originally valued below $1 billion at the start of the year, has exploded upward, hitting a valuation of $15 billion.
Charles Hoskinson has not hidden his interest; during one of his recent AMA sessions, he revealed that he has become “very obsessed with DeFi lately.” He also went on to claim that this obsession has led to “hundreds of pages of reports, lots of interviews, and discussions.”
The CEO believes will be better than MakerDAO. Hoskinson said:
“For example, we’ve partnered with Emrugo, and we’re right now working on the logistics of a stablecoin with them that we’re going to be building first on Ergo to verify everything works correctly, and then we’ll pull it over into Cardano, and this is going to be an algorithmic stablecoin. We think it’ll be significantly better than MakerDAO.”