Ethereum plays host to the biggest and the most successful blockchain playing host to an array of projects. Created in 2015 as a decentralized digital ledger with smart contract functionality, it has become developers’ preferred platform. It hosts a variety of decentralized applications, some of which send shockwaves in the burgeoning Decentralized Finance (DeFi) sector.
Currently, there are hundreds of tokens and decentralized applications built on top of the Ethereum blockchain. Some of the most successful dApps have carved a niche in solving common problems in the real world and crypto space.
Below are some of the top and most successful projects built on the Ethereum blockchain.
Developed by crypto billionaires Sandeep Nailwal and Jaynti Kanani, it is one of the most successful projects integrated into the Ethereum blockchain. Powered by MATIC, its native token, it is a multi-chain ecosystem that addresses the high gas fees on the Ethereum blockchain. Polygon has also succeeded in offering high speeds without sacrificing security on the network. In addition, it seeks to enhance the connection between Ethereum and other networks.
The polygon platform can enhance the flexibility, scalability, and sovereignty of various projects on the Ethereum blockchain while still ensuring high-security levels. Consequently, it is an ideal solution to limitations that have affected the Ethereum platform, namely high transaction fees and slow transaction speeds due to congestion.
The diversity of projects built on top of the Ethereum blockchain is affirmed by Decentraland, a platform sending shockwaves on the development and trading of non-fungible tokens. Decentraland bills itself as a virtual reality platform that allows people to create experiences and monetize various content and applications.
In the Ethereum-powered platform, people can create a wide range of experiences on their parcels of LAND. Users can also buy and sell various digital items, including real estate, while playing games in the virtual world. Consequently, it is an Ethereum project built for content creators and entrepreneurial individuals looking for new artistic and business opportunities.
Decentraland has evolved to offer peer-to-peer communications among users while also enabling payments in recent years.
Ethereum is also becoming a key player in the burgeoning decentralized finance sector due to the array of apps cropping up on the blockchain. Uniswap is one of the apps looking to avert reliance on centralized exchanges.
The Decentralized Exchange makes it easy for people to swap ERC-20 tokens without dealing with an intermediary. The platform has an automated market maker that enables easy swapping of tokens without an order book. In the exchange, users stake their tokens used to provide liquidity which, in return, determines the price quote. In return, the token holders earn 0.3% of the trading fees in the exchange.
Chainlink is another highly successful project built on top of the Ethereum blockchain that seeks to enhance connection with non-blockchain enterprises. The open-source project aims to ensure that non-blockchain enterprises can connect with other blockchain platforms and therefore enhance the exchange of data and information.
Therefore, it acts as a middleware that connects blockchain smart contracts with external data sources. It leverages digital ledger technology to enable secure connections and computations on and off the blockchain.
Conversely, enterprises in the mainstream world can easily access any data on the major blockchains, including Ethereum Solana and Cardano.
Bancor (BNT) is an exciting project on top of the Ethereum blockchains, making it easy for people to create new cryptocurrencies. The network eliminates the need for middlemen to come up with new ERC-20 tokens.
In addition to supporting the creation of new tokens, it also allows them to trade against reserve tokens as each new token is a market maker on its own. Bancor has also solved the liquidity problem that has affected the adoption of smaller tokens, reducing reliance on much larger cryptocurrency exchanges.
Ethereum blockchain is also playing a key role in integrating cryptocurrencies in the mainstream sector. OmiSeGo is one platform that spearheads international payments using digital wallets. The platform allows merchants to accept crypto payments. Any currency supported on the platform can be used to buy any item worldwide.
Built on top of the Ethereum blockchain, it operates as a cryptocurrency exchange platform that enables a decentralized economy that does not rely on one central point of control. Conversely, it allows finance scaling while also supporting real-time peer-to-peer transactions.
The network also allows transactions across various asset classes allowing users to manage and transact with digital assets using the blockchain.
Augur is another diversified project built on top of the Ethereum blockchain. It operates as a decentralized prediction platform whereby people don’t trade assets but wager on the outcome of future events. On the platform, people can create and exchange shares representing various events.
In the platform, users can leverage their wisdom and predict the outcome of any future event, such as elections and Premier League winners. Augur seeks to provide a platform for monetizing correct answers to various future projects.
Anyone who ends up with the correct answer to the event wins money in REP, the network’s native currency. The cryptocurrency can be used to create prediction markets, dispute the outcome of known results, or even purchase participation tokens. Augur seeks to revolutionize the gambling industry.
While Ethereum is home to an array of decentralized finance applications, Ox stands out as a decentralized exchange for ERC20 tokens. Its edge stems from the fact that it allows people to trade without incurring exorbitant fees, as is the case in other platforms.
As it’s a decentralized exchange, no central body extracts fees on the Ox platform. In addition, the platform allows people to create novel exchange applications to rival centralized exchanges.
The exchange seeks to build the most efficient, transparent, and equitable financial system. It also aims to create a tokenized world where all values can flow freely.