Cryptocurrencies

Celsius CEO believes Ethereum (ETH) could lose dominance if it doesn’t happen quickly – Cryptocurrencies

Alex Mashinsky CEO Celsius Ethereum

Either Ethereum (ETH) explodes its processing capacity, or the DeFi boom will explode the network. The beacon chain is now live, but given the time it took to launch it, analysts believe it will take some more time for Ethereum 2.0 to be fully and effectively deployed.


13 TPS: still a long way for Ethereum 2.0

December 1, 2020, Ethereum launched the beacon chain of ’Ethereum 2.0, starting a phase 0 which is the fruit of several years of work.

The founder of Celsius, Alex mashinsky, believes that the network could lose its central role if it does not expand significantly quickly.

Mashinsky said thatEthereum had to prove its scalability without compromising the security and decentralization of the network.

He adds that if Ethereum fails to convince users, Cardano (ADA) and Polkadot (DOWRY) will take over.

December 3, 2020, Ethereum was able to process 13 transactions per second. The implementation of phase 0 was several months behind schedule and some believe that the deployment of the next phases could take a few more years.

Mashinsky remains optimistic, however, and gave his vote of confidence to the Ethereum team.

100,000 TPS and a new ATH for Ether: between promises and sweet dreams?

Ethereum is the epicenter of decentralized applications and with the DeFi boom, the network has seen a surge in traffic that has skyrocketed transaction costs.

With Proof of Stake, progress in terms of scalability should soon materialize.

Vitalik Buterin had indicated that the network could reach 100,000 TPS. As for the course of theETH, Mashinsky believes that the increase in the amount of tokens blocked on the deposit contract and the various DeFi platforms, creates a scarcity effect, boosting the price ofETH.

In addition, all DEXs are denominated in ETH, conferring a huge advantage for Ethereum.

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The cryptosphere is putting pressure on Vitalik Buterin and ETH developers to step up the pace in launching the various features of ETH2. The 100,000 TPS seems for the moment to be a sweet dream, an impossible DeFi for Ethereum. Ether has already taken a hit with the blocking of ETH tokens on the deposit contract. A Buterin and his team now honor his contract and his promises!

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