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Ethereum is a blockchain platform designed to build decentralized applications (dApps) using smart contracts. Ether (ETH), its native cryptocurrency, is the second largest crypto by market cap. It’s used to pay for transaction fees (gas), run dApps, and execute smart contracts. Ether also plays a key role in decentralized finance (DeFi), staking, NFTs, and decentralized exchanges.
Ethereum is the primary blockchain for non-fungible tokens (NFTs), which represent ownership of unique digital assets. NFTs use the ERC-721 and ERC-1155 token standards on Ethereum, enabling artists, creators, and brands to tokenize and sell digital assets.
Ethereum powers the majority of DeFi projects, providing the infrastructure for decentralized lending, borrowing, staking, and trading. DeFi applications leverage Ethereum’s smart contracts to operate without intermediaries, making finance accessible and transparent.
An Ethereum address is a unique alphanumeric identifier that represents a user’s account on the Ethereum network. It begins with “0x” and is used to send and receive ETH and tokens on the blockchain.
ERC-20 is a standard for creating fungible tokens on Ethereum, meaning each token is identical in value and function. It’s widely used for cryptocurrency tokens in the Ethereum ecosystem, supporting DeFi, ICOs, and other applications.
Some popular DeFi projects on Ethereum include Uniswap (decentralized exchange), Aave (lending protocol), MakerDAO (stablecoin system), and Compound (lending and borrowing platform). These projects enable decentralized financial services accessible globally.