How do the soaring Ethereum and soaring gas fees win the hearts of users?
The recent rise of Ethereum can be described as fierce. After breaking through the 10,000 RMB mark, it is already advancing to the next breakthrough. It has swept away the previous year’s sharp decline and sent everyone a big gift package before the Chinese New Year.
However, while continuing to rise, the gas fee has become extremely expensive again. As of press time, the average gas fee is 300 Gwei, and 20 US dollars can be traded at an extremely low price, which is unacceptable to ordinary users.
The increase in the price of ETH also determines that the GAS fee has become the threshold for user participation. In detail, the $20 congestion during the DEX chaos in September last year is not worth mentioning at all, and Ethereum, as the world's largest ecology, has almost All are on this public chain, and now there is only one question before users, how to use low fees for high-frequency transactions?
I think this problem will take a while to be resolved, or Layer 2, or EIP-1559, or ETH 2.0. They are all one of the solutions, but none of them are currently achievable.
Turning to the data of Ethereum, the pledge amount of ETH 2.0 has approached 3 million pieces, 132 million accounts, about 10 GB of account data, about 30 GB of contract storage data, about 60 GB of regular Trie nodes data.
From the perspective of economic data, the current price is about 1,650 US dollars, and the market value is 184.2 billion US dollars. The market value ranks the second in the cryptocurrency market and the 52nd in the world. The total circulation is 114 million, and the rise is full of momentum.
Judging from the DeFi lock-up data on DeBank, the total lock-up volume is 35.36 billion US dollars, and most of the top ten are Ethereum ecological applications. It can be seen that Ethereum has almost occupied the entire DeFi market.
These data have achieved explosive growth since January this year, which has led to an increase in the basic price. After more than 10 "life-saving", it has gradually become a credible and sustainable ecology for people, and it is the most famous in its ecology. DeFi tokens include YFI, AAVE, COMP, MKR, UNI, SUSHI, GET, CURVE and other digital currencies with financial attributes, as well as NFT tokens such as WHALE, MEME, DEGO, MANA, SAND, etc. Of course, there are many The high-quality currencies are not listed here, but here we can see the power of ecological construction.
The most important thing to solve at the moment is the capacity and efficiency of Ethereum, but at the same time it involves the conflict of interest between investors and miners. Hyden Adams once said on Twitter: "I want to state a fact that in On UNISWAP, we will waste 420k U.S. dollars in gas fees for transactions every day, and this means that 150M U.S. dollars will be wasted in gas a year. This is not ridiculous, it is a fact.” These pain points have seriously affected the comprehensive development of the Ethereum ecosystem.
It can be seen from these contents that, in fact, the blockchain industry still needs to wait for Ethereum 2.0 to get on the right track, improve block packaging speed, transaction speed, reduce miner fees and transaction fees, and solve network congestion problems.
While the market is constantly changing, it also needs to bring more predictable changes to the present. The combination of DeFi will become more and more diversified, which will drive the growth of the entire cryptocurrency market economy and generate more application scenarios.
Some professionals estimate that in 2021, the locked-up amount of DeFi is expected to exceed 100 billion U.S. dollars, which will put higher requirements on the performance of the Ethereum network. In terms of expansion, the improvement of Layer 2 to the Ethereum network will bring more benefits to DeFi projects. Unpredictable value and benefits.
