Odaily Frontline｜V God takes stock of the progress made by Ethereum since 2017

余YU

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2020-03-28 16:10 (UTC+8)

This article is about 1440 words, reading the full article takes about 3 minutes

Including ZK Rollup, PoS test network, etc.

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Including ZK Rollup, PoS test network, etc.

This article comes fromCoinGape, original author: Lujan Odera

Odaily Translator |

The past three years have passed quickly, and the crypto industry has experienced one of the fastest growth periods ever. Since hitting new price highs between December 2017 and January 2018, ethereum has experienced accelerated growth in community and platform development, and ethereum co-founder Vitalik Buterin took to Twitter to reflect on some of the progress made.

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V God is heretweettweet

1. Uniswap；

2. http://Tornado.cash；

3. Status；

4. MakerDAO；

List what Ethereum didn’t have in 2017 but has in 2020:

5. ZK Rollup (such as Loopring), the throughput exceeds 2000 TPS;

6. PoS test network;

7. Uncle block rate < 10%, block gas upper limit is 10 million;

So, let’s take a closer look at the rapid developments and upcoming launches on Ethereum, the largest smart contract platform, on its network.

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Ethereum's best year since launch

Many readers might think that the ETH network peaked during the great bull run of 2017. This argument may hold true considering ETH peaked at $1400 during this period, but the continued growth of the Ethereum network since then (even during the 2018 crypto winter) suggests that Ethereum's best years have come after unprecedented uptrends.

1. The exponential growth of the DeFi space

Since 2017, the value and volume of Ethereum-based decentralized finance (DeFi) applications has skyrocketed to incredible levels. At its peak, DeFi products such as Maker, Synthetix, and Uniswap had more than $1 billion in total locked assets, a sharp increase from $5 in October 2017.

At press time, the total value locked in DeFi products was $624 million.

2. ZK Rollup reaches 2000 TPS

Another area of continuous innovation and development is ZK Rollup, a second-layer solution designed to increase the scalability of the Ethereum blockchain. In the past three years, ZK Rollup like Loopring has been able to test more than 2000 transactions per second, which is a huge improvement compared to the 7-15 TPS of the Ethereum network.

3. Stablecoins based on ERC-20

One of Ethereum’s greatest achievements over the past three years has been stablecoins such as Tether (USDT), which migrated to the Ethereum blockchain. Currently, stablecoins on the Ethereum blockchain are worth more than $4.5 billion, with USDT leading the way with $4.1 billion. The number of stablecoins on Ethereum has also increased from around 10 in early 2017 to over 50 currently.

There have been multiple developments since 2017, including oracles, the formation of Gitcoin grants, and the shift to a proof-of-stake (PoS) network (ETH 2.0) expected to launch this year.