Will DeFi get the better of Ethereum (ETH) 2.0? We are approaching the last corner before the launch of the new version of the network, but enthusiasm for the project seems to have waned. Vitalik Buterin and his team may have taken too long to get their baby out and they risk paying dearly. A classic: time is money – to win or lose.
A Spadina before ETH 2.0
The launch of the new version ofEthereum fast approaching if we believe the latest release from its developers.
Indeed, after the deployment of testnet Medalla in August 2020, the last testnet of the series, Spadina, will launch in the coming days, ahead of the highly anticipated arrival ofEthereum 2.0.
Medalla is an opportunity to familiarize themselves with the design of the future application and, users can report existing bugs until the launch of the mainnet.
Bad timing for Ethereum 2.0
According to the press release, Spadina will work alongside Medalla. The goal of this testnet is to recheck the most important and risky aspects of the process, namely the repositories and the integration of the genesis block.
The small-scale testnet will include 1,024 validators, while the final version of ’Ethereum 2.0 expected to have 16,384 before launch.
Despite these positive developments, many users would not be excited about staking.
Yet 65% of respondents to the survey conducted by ConsenSys at the beginning of the year, had expressed their wish to participate in staking.
But the development of DeFi and the dizzying increase in transaction costs make Ethereum inaccessible for small wallets at this time.
Coinbase has also just announced that it will no longer support its customers’ gas.
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.
Ethereum 2.0 could therefore finally see the light of day this year, we come to the end of the series of testnets. Despite the pessimism of experts, Ethereum 2.0 has a vested interest in solving the current problems that users face as a result of the DeFi explosion. The latter is a double-edged sword for Ethereum: it increases its utility, while penalizing it for want of being able to follow it in its expansion. Will ETH 2.0 ultimately explode the price of Ether, or will it be unable to prevent a gas explosion?
Litecoin, welcome in the Silver Age