DeFi is spreading beyond Ethereum: Single Neo app gains $300m after launch

Thus far, decentralized finance has been a trend relegated to Ethereum-and Ethereum only.

Per DeFi Pulse, the top twenty DeFi applications by total value locked are all based on Ethereum.

This is for good reason: Ethereum has been the only blockchain with an active user base and developers working on game-changing DeFi applications.

This is changing: Flamingo Finance, a full-stack DeFi protocol built on Neo and built to siphon capital from the Ethereum ecosystem, has managed to secure $300 million shortly after launch.

While Ethereum's DeFi space has seemingly slowed down over recent days, this is not the case over on Neo.

Wrapper is a cross-chain gateway for Bitcoin, Ethereum, Neo, and other blockchains, meaning users can deposit accepted coins in exchange for a tokenized representation of deposits on Neo.

Flamincome is a so-called yield booster that allows users to earn yields on both Ethereum and Neo simultaneously.

As CryptoSlate has covered extensively over recent weeks, Ethereum transaction fees are reaching a point where a majority of users are priced out.

During the launch of the Uniswap coin last week, the cost of gas hit 1,000 Gwei, meaning it cost close to $100 to trade on Uniswap and a lot more to complete more complex transactions with DeFi protocols.

Even after that period of extreme congestion passed, Ethereum transaction fees are still at a point where it is illogical for a user with only a few hundred dollars worth of cryptocurrency to dabble in DeFi.