🗝️DeFi History

Everything started with Bitcoin BTC. Bitcoin conforms to the characteristics of DeFi in many aspects. First of all, the Bitcoin system has already been designed and cannot be modified, so its liquidity and openness have been guaranteed. This is different from traditional finance. The Chinese government can increase currency circulation at will and depreciate the assets in hand. Bitcoin BTC holders can truly own the value of the asset and achieve transaction goals through the blockchain network. There will be no second The tripartite organization regulates the money supply in the market and does not require intermediaries to complete cross-border transactions. Based on this, Ethereum has added smart contract functions on the blockchain network open to everyone. Therefore, the application scenarios that can be realized far exceed the simple payment transactions of Bitcoin BTC!

History of DeFi development:

October 2008

Satoshi Nakamoto published the paper "Bitcoin: A Peer-to-Peer Electronic Cash System" (Bitcoin: A Peer-to-Peer Electronic Cash System). On January 3, 2009, the first genesis block was born, known as blockchain 1.0.

November 2013

Vitalik Buterin published the white paper "Ethereum: A Next-Generation Smart Contract and Decentralized Application (DApp) Platform" (Ethereum: A Next-Generation Smart Contract and Decentralized Application (DApp) Platform), which announced the birth of the Ethereum blockchain network.

July 2015

Ethereum is officially launched, and smart contracts have laid the foundation for the creation and distribution of decentralized applications (DApps), also considered blockchain 2.0.

December 2017

Single-Collateral Dai (SCD) was proposed in Ethereum. Anyone can generate Dai tokens by staking ETH. The Dai stablecoin system (MakerDAO protocol) also proves the concept of decentralized stablecoins.

December 2020

The launch of Ethereum 2.0 enables DeFi projects to expand on the Ethereum network platform and improve the security, sustainability, operational efficiency and decentralization of their networks.

April 2023

On April 13, 2023, Ethereum completed the upgrade in Shanghai, opening the prologue of DeFi 3.0.