Shopify's CEO hit up Twitter to express the corporation's dedication to embracing decentralization, inviting unrestricted market involvement, while discussing the buzz around Decentralized Finance (DeFi).
Shopify is one of the biggest e-commerce platforms Globally recognized, Shopify dominates over a fifth of the market and reported a whopping $2.9 billion in sales in 2020. With more than 400,000 virtual storefronts powered by the platform, it has processed a staggering billion-plus orders since its 2018 inception.
On April 2, Tobi Lutke, leading Shopify, sent out a tweet aimed at DeFi aficionados, sparking a dialogue about how they'd like Shopify to step into commerce-linked prospects within the DeFi realm, underscoring decentralization's perks.
Hey #DeFi On Twitter, it posed a broader question: What particular commerce opportunities are you eagerly anticipating? How should Shopify position itself in this space?
— tobi lutke (@tobi) April 2, 2021
Although Shopify hasn't yet woven cryptocurrency and blockchain tech into its services, the tweet was widely interpreted as a hint towards possible future ventures.
Nevertheless, many DeFi devotees were swift to assert that Shopify had not truly embraced decentralization so far, prompting Lutke to respond.
\"Shopify was crafted in the pre-crypto era but aligns with the essence of decentralizing opportunities, serving over a million enterprises globally.\"
Earlier the same day, Lutke informed followers of his morning deep dive into Ethereum smart contracts, finding the ERC20 protocol intriguingly captivating.
Compound hits a new high with its Total Market Supply clearing a $15 billion hurdle.
A giant in the DeFi realm, Compound marked an extraordinary accomplishment on April 3rd. reaching over $15 billion in total supply After hitting $10 billion back on February 20th, this fresh record indicates a significant uptick in growth across recent months.
Commanding liquidity within the protocol are leading cryptos like ETH (32.65%), DAI (20.28%), and USDC (18.96), showcasing ETH's continued dominance despite its lack of stablecoin status.
Based on data from CoinGecko, the protocol's governing token, COMP, shot up by 40.5% over a week, nearing a peak value of $552, just $14 shy of eclipsing its historical record.
Alert from Whale Alert: A mysterious wallet pushed a massive 629k ETH, equating to $1.3 billion, into the Compound protocol on April 3rd, mirroring a spike in ETH's price to a fresh all-time high on April 2nd.
???? ???? ???? ???? ???? ???? ???? ???? ???? ???? 629,000 #ETH (1,321,384,522 USD) transferred from one elusive wallet to another. https://t.co/wTJWQb5aWU
— Whale Alert (@whale_alert) April 3, 2021
DeFi remains a driving force within the crypto arena.
Since the DeFi boom of 2020, interest from institutions and individual stakeholders has fueled the entire crypto industry's remarkable advancement.
Current DeFi locked-in value stands at $50.1 Billion, a significant leap from the $16 billion mark seen earlier this year.
Even though Ethereum's network congestion initially slowed DeFi's momentum, the rise of Layer-2 solutions kept the industry's wheels turning.
Blockchain alternatives like Polkadot, Binance Smart Chain, Algorand, and Cardano are gaining traction, fostering DeFi's continued growth as cross-chain connectivity and scalability pave the way.
The pressing inquiry remains: Why do we need a multitude of platforms performing similar tasks?
Over the forthcoming years, either some consolidation must happen, or these platforms will need distinct identities to stand out. Government regulations also loom large.
Ripple Labs' ongoing court battles highlight governmental reluctance towards unfettered development in crypto and DeFi landscapes.
