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When many argue that Distributed Ledger Technology or Blockchain is still in its infancy and deprive the technology to pay a significant role, they are mostly not referring to the state of the tech itself but the diffusion level and its rate of adoption.
The advent of Ethereum along with its flexible smart-contract language has led to a slew of decentralized applications. When speaking of decentralized finance, or “DeFi”, we inevitably think of Ethereum. While Bitcoin itself has been by far the most successful application of DeFi itself, its deliberately simple scripting language is subject to limitations for use cases such as DeFi. Conversely, the opportunities offered by the unconstrained Ethereum language has spawned a multitude of DeFi applications ranging from more traditional sectors such as payments, lending and trading to novel applications such as prediction markets and non-fungible tokens.