The DeFi or decentralized financial sector has witnessed a massive boom from the past year. The top contender is Ethereum, which has also gained massive momentum. When Ethereum announced its version 2.0, several people went berserk, considering the hype it was and still surrounds with. Labeled as a “game-changer” by the media, it is said to take the crypto industry by storm. But to know how much it can change or improve will depend on when it comes out and whether it can live up to its promises.
Simply, recently, there has been widespread talk and anticipation for Ethereum 2.0. What people are forgetting about this DeFi baby is that while the promises are big, the time it will take will be longer. The company received ample deposits to publish a “game-changer” as such. It will be completely functional after it goes live, which may take about two years. Hence, what it said, will it be able to deliver? Only time can tell that.
Does DeFi Need Ethereum 2.0?
The network of DeFi is in a little bit of danger, considering the demand it is facing right now. There is a dire need for Ethereum 2.0 to happen, as soon as possible, to clear out the congestion and the mounting fees. The network too often has been cramped. And it has only increased with every growing attention it gets. Even though a long-time solution is needed, It is not possibly easy to create an aid for such an extensive network.
Ethereum has reached its own limits as well. The project is always known for inviting developers to experiment using the blockchain or the DeFi industry. But the higher these numbers become, the tighter it gets, and the cramping begins. Users are hence, left dissatisfied. It is obviously a home for several success stories, but it can also lead to massive failures due to unsafe codings or even left open to hacks.
