Opinion: the Ethereum network can not cope with the load due to the growth of the DeFi market



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Opinion: the Ethereum network can not cope with the load due to the growth of the DeFi market

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The growing popularity of decentralized finance applications has a negative impact on other transactions on the Ethereum network. Details of the trend were revealed in the report by the analytical startup Covalent.

Ganesh Swami, co-founder of the company, focused on increasing the share of transactions of DeFi applications, which occupy an increasing place compared to transactions of ether and ERC-20 tokens. So, in February, the cost of blocked funds on smart contracts of such applications exceeded $ 1 billion.

Using data on gas charges, Covalent compiled a map of the distribution of the share of each type of transaction in space in blocks since 2016.

“In an ideal, scalable world, all types of transactions have room for growth. But today in Ethereum, for one type of transaction to grow, it must cannibalize others, ”Swami shared his thoughts.

The dynamics below show that in early 2016, the transfer of ERC-20 tokens and complex smart contracts accounted for approximately half of the block space.

As the DeFi space expanded with the development of cryptolanding platforms such as Maker and Synthentix, complex transactions began to absorb the ERC 20 and ETH transaction space in blocks.

Currently, complex transactions already occupy from 30% to 35% of the total volume of block space.

Own ETH transactions fell from more than 99% at the end of 2015 to about 75% -80% of total transactions, Swami said. According to his calculations, ERC-20 transfers of tokens after the sunset of the ICO account for less than 5% of the total activity of the Ethereum blockchain.

Recall, recently, Ethereum co-founder Vitalik Buterin presented a project roadmap for 5-10 years.

Opinion: the Ethereum network can not cope with the load due to the growth of the DeFi market



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