Ethereum 2.0 to boost DeFi but delayed launch may set the network back
Cointelegraph
Published Nov 22, 2020 10:07AM ET
Updated Nov 22, 2020 11:40AM ET
This deposit contract is the first step that would eventually lead to the launch of Ethereum 2.0. If to consider that the launch will go down successfully, Ethereum will ship the Beacon Chain and introduce proof-of-stake to the ecosystem, which is currently based on the proof-of-work, another consensus algorithm that is based on mining. Shard chains would be the next upgrade to follow Beacon Chain.
Ultimately, the eventual launch of Ethereum 2.0 will have an effect on the decentralized finance market. In 2020, the DeFi sector has grown significantly but has already experienced a slight cooldown. Due to this, there have been claims that DeFi is a bubble that will soon burst. However, Binance CEO Changpeng Zhao has stated that, despite these signs, DeFi is here to stay and compared these early speculations to the apprehensive stance the community showed toward the ICO bubble in 2017.
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Written By: Cointelegraph
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