Now that EtherLite has introduced its blockchain platform, the project’s ecosystem is beginning to take shape. EtherLite is a hard fork of the Ethereum network, and as such seeks to tackle some of the issues its much larger peer has faced surrounding scalability and speed, for instance.
Not surprisingly, there are some parallels between Ethereum and newcomer EthereumLite. For example, Ethereum has a foundation that supports the project as well as “related technologies.” EtherLite similarly has a foundation that is there to support projects that want to build on the EtherLite blockchain.
Most recently, a decentralized exchange (DEX) and automated market maker called Etherlite Exchange has launched on the EtherLite network. The DEX is one of the projects being supported by the EtherLite Foundation through a recently introduced SmartGrant investment fund, according to the EtherLite website. Other projects being supported by the foundation include Noften, which appears to be dedicated to non-fungible tokens (NFTs), and Battleship, a blockchain-fueled lottery system.
The Etherlite DEX is already live, where users can trade ETL, the native cryptocurrency of the EtherLite network. The DEX team also has several additions in the works, including the following:
- Rewards system featuring the DEX’s goverance token, ELX
- “Alpha-hunting tools” such as charts and market data
- Yield generation
While the EtherLite ecosystem is shaping up to resemble that of Ethereum in some ways and is even compatible with the Ethereum Virtual Machine, it has some catching up to do. Ethereum is the leading platform in the decentralized finance (DeFi) space, where the total value locked (TVL) currently exceeds USD 107 billion, according to Defi Llama.
The bitcoin market downturn has taken altcoins along for the ride, and Ethereum has not gone unscathed. The second-biggest cryptocurrency has shaved 10% off its value in the month of July so far.
The EtherLite price had a rocky weekend and is down roughly 25% in the last 24-hour period alone. Investors who are focused on the building out of the EtherLite ecosystem do not appear fazed, based on social media comments. Others are finding the latest declines tough to ignore, and are looking to the EtherLite team for answers.