Ethereum, the DeFi protocol legend or the blockchain that led to the rise of DeFi protocols, now has an advanced story to share. Seven major DeFi (decentralized finance) protocols on Ethereum networks have rolled out the Ethereum Protocol Advocacy Alliance (EPAA).
The goal is crystal clear: ensure core Ethereum-based protocols/infrastructure have a stronger voice in real-world policy-making.
The key players in the EPAA include Aave Labs, Lido Labs Foundation, Curve, Aragon, Uniswap Foundation, Spark Foundation, and The Graph Foundation.
Ethereum protocols’ advocacy alliance is a major move
As the name suggests, EPAA is an advocacy alliance that will allow DeFi protocols to share their opinion on regulatory challenges and educate policymakers on how on-chain systems work. In short, the alliance advocates for Ethereum and other decentralized blockchains.
For blockchains like Ethereum, this move is quintessential as centralized crypto platforms and venture capital-backed firms are currently shaping the regulatory policies.
EPAA’s direct voice can influence policymaking
If Bitcoin is known as the master coin, Ethereum is prominent for introducing DeFi protocols and smart contract functionalities. However, being sidelined in the queue of policymaking is frustrating for Ethereum, given its role in developing blockchain technology.
Let’s say a company introduces a breakthrough technology and is left behind in decision-making on that technology-related development. Doesn’t it look troubling? The Ethereum EPAA is directly addressing this issue and looking to educate policymakers on the functions of decentralized systems.
Ethereum’s financial innovation after an innovation?
Yes, EPAA is indeed leading a financial innovation after launching a foundation for DeFi in 2015. If the advocacy alliance works according to its goal, policymaking around decentralized systems could evolve, making regulations smarter and fairer. The result? New ways for innovation emerge.
When seven major competitive teams formed the Ethereum Protocol Advocacy Alliance, it may naturally ignite a question: why are these rival protocols uniting under a single alliance? And, as explained, a new voice should wake up to avoid overlooking decentralized networks and participate in policymaking related to them.
