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In 2021, ‘L1’ blockchains took the spotlight — thanks to DeFi

“Ethereum killers.” That used to be the fashionable term for blockchain networks vying to become legitimate competitors to the most popular smart contract platform. 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 L1 stands for layer-1. Back when the original supposed Ethereum killers— a loosely-defined class headlined by EOS and Cardano — arrived on the scene, …

Circle’s USDC stablecoin deployed on Avalanche blockchain

Circle has launched its USD Coin (USDC) stablecoin on the Avalanche blockchain network, the company announced on Tuesday. The news marks another boost for Avalanche’s stablecoin diversity push following Tether’s launch of its USDT stablecoin in November, as well as e-Money’s suite of interest-bearing, fiat-backed stablecoins earlier in the year. As part of the announcement, Circle stated that USDC support on Avalanche could empower more developers to build eco-friendly decentralized finance (DeFi) applications. Avalanche’s DeFi scene has grown over 30-fold …

Layer by Layer 2021 Review: Part 1

December 8, 2021, 4:41PM EST • 12 min read Quick Take This is a section from The Block Research’s upcoming 2022 Digital Assets Outlook report Layer-1 blockchains have seen significant growth throughout 2021, capturing market share from Ethereum and employing varied strategies to build their own ecosystems Incentives and increased funding have played a key role in the growth of L1 platforms With many L1 ecosystems reaching new all-time highs in total value locked, competition remains intense among DeFi protocols …