Cryptocurrencies

Ethereum (ETH) on October 10, 2020

Ether (ETH) opened on October 2, 2020 at $ 352; It is trading at $ 364 today, October 9, 2020, as of this writing. The network is operating at full speed to support the growth of DeFi. But this challenge may be too big for a single blockchain, whose hopes around the new version seem to have faded.

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Vitalik Buterin feels lonely

In an interview with Cointelegraph this week the founder of MyEtherWallet, Kosala Hemachandra, indicated that no fully decentralized blockchain can support all DeFi transactions on its own, due to their lack of scalability potential.

A few days earlier, the SEC warned about “Significant adverse effects” of the implementation of Proof-of-Stake on Ethereum 2.0, and the risks it poses to the value of theETH and that of the actions of Grayscale Ethereum Trust.

Which crypto figures today believe in the ability toEthereum 2.0 to solve DeFi problems? Vitalik Buterin would need support, as he once again made changes to the roadmap ofETH 2.0.

But if Ethereum is not able to keep up with DeFi so DeFi may keep pace withEthereum. DeFi tokens recorded significant losses during the week of September 30 to October 7, 2020.

The DeFi of ATH on ETH

Data from Glassnode show that the median value of the daily average of gas on Ethereum hit a 2-year high of 41,866.375 ETH on October 5, 2020.

Ethereum ETH gas ATH

Source : Image via Twitter

The number of wallets ETH with a non-zero balance also reached an ATH of 47,493,642 addresses on the same day.

Ethereum ETH wallet non-zero balance

Source : Image via Twitter

Data from Glassnode also show that the hashrate on the network crossed the 250T / s mark on October 6, 2020, increasing by 80% from its value at the beginning of the year.

Ethereum ETH hashrate ATH

Source : Image via Twitter

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These numbers show a booming DeFi, pushing miners to deploy ever more power, causing transaction fees to explode on the network.

Will DeFi tokens start to rise again or should we now expect the explosion of what most skeptics call a simple bubble? A correction in the price of DeFi cryptos would help unblock the network, achieve a situation of equilibrium. DeFi ruled for a few months, but Bitcoin (BTC) has ruled it for 10 years and is not about to give up its throne so easily.

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