Following the most recent trend seen in the DeFi industry, concerns have been raised about the end of the DeFi bubble
The excitement around decentralized finance has been slowly decreasing in recent months. The DeFi bubble is shrinking as the year draws to a close. Consequently, transaction fees and confirmation times have started to decrease.
Elsewhere, Bitcoin’s hash rate has been decreasing lately – beckoning reduced mining power to the network. The Bitcoin network has witnessed an increase in congestion levels, resulting in an increase in confirmation time. In turn, the network recorded many unconfirmed transactions.
Bitcoin has continued to make headlines for the past two weeks as it tries to post a year-long record, which will also be its all-time record. The frenzy surrounding the United States elections on Tuesday, pushed its price to more than $ 14,000. In the meantime, stakeholders are moving forward with conversations about adopting corporate Bitcoin.
Ethereum, on the other hand, remained dormant, with the only major event surrounding it being the launch of Ethereum 2.0. Today, the Ethereum Foundation released a statement on Ethereum 2.0 Phase 0. Its launch was officially scheduled for less than a month from now, on December 1st.
The statement added that the deposit agreement was active and could collect funds to trigger staking. The network started to explain the genesis process.
“Today, we released v1.0 of the eth2 specifications, including the mainnet deposit agreement… To trigger genesis at this point, there must be at least 16384 deposits from the 32-ETH validator 7 days before December 1st. Otherwise, genesis will be activated 7 days after this limit is reached (whenever it is)“, Said the update.
Phase 1 and Phase 2 transitions will occur in the future, but no exact date has yet been set. Phase 0 will have no effect on the current Ethereum blockchain. The implementation of the much anticipated Ethereum mainnet deposit address and the subsequent announcement of the official launch date instantly impacted the network.
Market participants rushed into action, causing the price of the cryptocurrency to rise 7%. The token has gone up from $ 380 to $ 409 and there is a strong possibility that it could advance further to $ 480.