In the midst of the Decentralized Finance (DeFi) boom, the crypto community has focused on Ethereum and the Blockchain has presented critical usability issues.
It is those same issues that cast doubt on the growth capacity of the Ethereum DeFis sector. Now some critics have warned that the network is not ready to withstand such pressure.
DeFi growth in Ethereum stuck
On various occasions we have reported from CryptoTrend the emergence of concerns on the part of the crypto community about the sustainability of Ethereum and how much more it will be able to support the growth of DeFi.
The thing is, DeFi’s exponential growth has been putting pressure on the world’s second-largest blockchain network; causing increases in gas rates and being a real problem.
On this occasion, Martin Froehler, Founder of Morpher and a well-known mathematician, explained to CoinTelegraph that, although the Ethereum Blockchain is certainly the best you have, the capabilities are still not enough.
“Ethereum can only handle about 15 transactions per second and has a 15 second lock time, which is an eternity in finance. By design, everyone who interacts with it needs Ether. That’s a huge barrier to entry and mass adoption.“Froehler explained.
So, despite being the best option, developers and the crypto community have had to turn to other blockchains in order to counteract the problems.
In this same sense, Cristóbal Pereira, CEO of Blockchain Summit Latam, recently explained to BeinCrypto that he does not believe that DeFi will remain forever on the Ethereum Blockchain.
The crypto community in general believes that Ethereum and its developers must have anticipated the boom in the DeFi sector. At the moment the only solution that they have offered to the crypto community is ETH 2.0.
Ethereum 2.0 could improve network performance, however high gas prices could still be a major nuisance for crypto users.
Meanwhile, ETH 2.0., An idea that started in 2014, still has some time left before being released. At the beginning of the month, the official proposal for Phase 0 was sent to the community; if accepted, it would mean the launch of Beacon Chain, the first part of ETH 2.0.
However, Mounir Benchemled, founder and CEO of the ParaSwap middleware layer, explained to CoinTelegraph that it is not necessarily practical for all DeFi projects to switch to Ethereum 2.0.
In this way, the only certainty is that DeFi is here to stay in the crypto community. The problem is, we don’t know how long Ethereum can hold out.