The DeFi boom puts tremendous pressure on the Ethereum blockchain. The network is unable to process a number of transactions, and as a result, fees have skyrocketed to a two-year high. According to bitinfocharts.com, you are currently paying $ 0.56 (median) for Etherea's mission. The last time the fees climbed so high was in the summer of 2018.
The problem with high fees is not new and the Ethereum Foundation is preparing a solution!
Etherea transaction fees began to rise in April this year along with the ether price. Although it stopped at the current approximately $ 274, due to the explosive development of the decentralized finance sector, the pressure on the network itself has also increased significantly. The Ethereum Foundation, the company that cares about the development of this cryptocurrency, is preparing a final solution to this problem and, after seven years of development, is finishing a project known as Ethereum 2.0.
The first public ETH 2.0 multi-client testnet will be launched on the fourth of August. It is a test version of a new generation blockchain that will replace the current network. Ethereum 2.0 will be faster, more efficient, more environmentally friendly and will allow scalability of the entire ecosystem.
DeFi and other projects that have been created on this platform in recent years will finally reach their full potential. Ethereum 2.0 and later Sharding or Plasma technology will unlock the mass deployment of decentralized applications in everyday life.
