Many DEXs are looking for alternatives to Ethereum, will ETH 2.0 regain trust, or is it too late?

Editor's Note: This article comes fromCointelegraph Chinese (ID: CointelegraphChina), reprinted by Odaily with authorization.

Editor's Note: This article comes from

Cointelegraph Chinese (ID: CointelegraphChina)Cointelegraph Chinese (ID: CointelegraphChina), reprinted by Odaily with authorization.Overall, 2021 has been a great year for Bitcoin and the crypto industry. However, Ethereum and decentralized finance (DeFi) have surpassed other segments in the cryptocurrency space, dazzling the community with massive growth in popularity, engagement, and sheer transaction volume. According to DappRadar, the total value locked is currently around $56 billion.The non-fungible token (NFT) space has also seen unprecedented growth. Many believe that in 2021

Will be the "Year of the NFT". However, DeFi continues to thrive, especially on the Ethereum blockchain, wheremore than any other blockchain.

However, it is well known that Ethereum is currently at a defining moment. Congestion and high gas fees are plaguing the Ethereum network, making ordinary users who want to conduct small and medium-sized transactions

Decentralized Exchange (DEX) Fees Are Almost Unaffordable. Fees can exceed $10 for even simple transactions. Banks aren't so jealous anymore.secondary titleDeFi is looking for alternativesOn March 3, SushiSwap announced that its DEX platform added

Multiple Ethereum Alternatives

, has deployed contracts on xDai, Moonbeam, Binance Smart Chain, Polygon (formerly known as Matic), and Fantom. SushiSwap is a popular fork of Uniswap, starting with

and famous.

SushiSwap has received a lot of negative criticism from the community, even Uniswap founder Hayden Adams, who have little appreciation for SushiSwap and its anonymous founder, Chef Nomi. Earlier, Chef Nomi withdrew from the project with a large amount of tokens, but quickly returned them. In a recent tweet, Adams said:

"I've seen a lot of comments that Sushi has a quality development team and is creating a different product. While I really hope that's true, I haven't seen any evidence of this so far .Currently only liquidity mining and marketing.”

Despite this, the project has been a huge success, and according to Dune Analytics, it is the second largest DEX. Now, SushiSwap is offering users a new alternative to Ethereum and allowing them to get rid of the huge gas fees that have recently become the norm, despite their reluctance.secondary titleNot just Sushiswap

It seems like projects are looking for alternatives, even if they don't intend to abandon Ethereum entirely. While they're not "leaving" Ethereum, they've added multiple alternatives to their platform that will be major game-changers for some blockchains, especially Binance Smart Chain, which seems to be The most popular choice.

Balancer recently announced that it will deploy ports on Moonbeam and Polkadot. In addition, exchange aggregator 1inch recently

Added support for Binance Smart Chain (BSC)

. Users can switch networks with the click of a button, enjoying lower fees and faster transaction times.

“We don’t intend to completely break away from Ethereum. Since we received many requests from the 1inch community, our expansion to BSC is just an add-on, because there is a lot of funding and activity on BSC.”

Many projects have not yet adopted Ethereum as their main platform choice. Although Binance Smart Chain stands out among other projects, Ilya Abugov, a consultant at decentralized application statistics aggregator DappRadar, believes that DeFi users will have multiple choices in the future. He told CointeleGraph: “This shows that multi-chains are more likely in the future. The BSC project has already achieved a large enough TVL, so it makes sense for new projects to see BSC as a viable ecosystem.”

Binance Smart Chain is undoubtedly the most popular alternative right now. Recently, DappRadar also added support for Binance Smart Chain to its portfolio tool, but there are other projects that are growing and becoming viable alternatives that may start to gain more traction over time . Abugov continued:"There are also Polkadot, Flow, and other ecosystems that seem to work. Previously, many projects were almost forced to build on Ethereum, and now they have more options for landing. As the bridge develops, this trend should increase." Get stronger."L2 selection schemes are also gaining popularityOptimismsuperior.

While Ethereum alternatives such as BSC are becoming more popular, L2 options are also being integrated at lightning speed. Sushiswap CTO Joseph Delong noted,Kain WarwickIts decentralized exchange is planning more deployments in the future

superior.

SushiSwap is just the latest project to do so. Other projects, such as decentralized derivatives trading platform Synthetix, are also experimenting with L2 options, the most popular of which appears to be Optimism. Founder of Synthetix

Tell CointeleGraph:

“Every project on Ethereum needs to adopt an L2 solution. Now there are some fast-moving teams with lots of money and highly-skilled engineers, and allowing more users to interact with the protocol is a fast-moving solution to scalability.” Great momentum for the program.”

secondary title