The latest surge in the Ethereum DeFi activity pushed the Ethereum transactions to its all-time high. Earlier this week, the Ethereum network executed over a million Ethereum daily transactions. Currently, DeFi applications on the Ethereum blockchain hold more than $3 billion worth of funds on the platform.
The top-three DeFi platforms on the Ethereum network are Maker, Aave, and Compound. Each of these platforms has contracts worth $875 million, $639 million and $616 million respectively.
Ethereum Price Moves Higher with $ETH 2.0 Development
Despite the DeFi activity surge started a few weeks back, the $ETH price was seen more or less consolidating above $230 until last week. As said, a majority of the Ethereum price rally comes in over the last week. In just one week, $ETH’s price has jumped over 25% as bulls take the charge.
Besides, the $ETH/BTC price is also showing good strength. Data also suggests that Ether’s price as a percentage of Bitcoin has jumped to new highs.
As the daily transaction of the Ethereum platform surge significantly, the need to soon launch the $ETH 2.0 blockchain grows higher than ever before. The existing Ethereum network can process only 15 transactions per second. With $ETH 2.0, this will jump to 1000s of transactions every second.
The $ETH 2.0 platform with the PoS model addresses the issue of scalability to a large extent. The Ethereum developers have also accelerated their development with the $ETH 2.0.
As per the latest report, the $ETH 2.0 final testnet launch is scheduled next month on August 4. Danny Ryan, the $ETH 2.0 project co-ordinator said:
“There is a little bit of stability work going on and other than that the blocker is some UX things (trying to make key management as close to mainnet as possible). I expect we announce a date Monday/Tuesday.”
If the testnet launch remains successful, we can expect the mainnet launch by November 4, 2020.
coinspeaker.com
