FEATURE: In 2021, 'L1' blockchains took the spotlight — thanks to DeFi by mike_orcutt
Ethereum is finally getting a run for its money thanks to a group of upstart smart contract platforms.advertisement
Talk of potential Ethereum killers dates back several years. But it wasn’t until 2021 that legitimate alternatives to Ethereum finally took the spotlight, and by then they had a new name: L1s Then, last year, several upstart L1s finally started living up to the label and gave Ethereum a real run for its money.
Binance Smart Chain was the first L1 to benefit. DeFi traders began to flock to the platform in February, and by May it boasted 26% of DeFi TVL. BSC's usage stats fell dramatically amid a broader market slump and a series of expensive exploits before bouncing back in the fall and winter. Today, BSC-based DEX PankcakeSwap is one of the most popular DEXs across all blockchain networks.
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