ETH fees are falling as the Deify hype continues to subside

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ETH fees are falling as the Deify hype continues to subside

Following the recent trend in the Deify sector, concerns have been raised about breaking the DeFi bubble

The excitement about decentralized funding has slowly subsided over the past few months. The DeFi bubble is gradually easing towards the end of the year. As a result, transaction fees and confirmation times have decreased.

Elsewhere, bitcoin's hash rate has been going down recently - this has resulted in a decrease in mining power for the network. The Bitcoin network saw an increase in congestion levels resulting in a longer confirmation time. The network continued to record many unconfirmed transactions.

The Bitcoin has continued to make headlines in the last two weeks, as it tries to reach a high for the year, which will be his all-time high. The frenzy of the US election on Tuesday pushed the price to over $ 14,000. In the meantime, interested parties are holding talks discussions about the mainstream adaptation of Bitcoin.

Ethereum, on the other hand, has remained inactive. The only big event is the Ethereum 2.0 release. Today the Ethereum Foundation published a statement on Ethereum 2.0 Phase 0. The launch is officially scheduled in less than a month on December 1st.

The statement also stated that the deposit contract went live and was able to raise funds to trigger staking. The network explained the creation process.

“ Today we released version 1.0 of the eth2 specs, including the Mainnet Deposit Agreement ... To trigger the Genesis at this point, there must be at least 16384 32 ETH Validator deposits 7 days prior to December 1st. If this fails, Genesis will trigger 7 days after this threshold is reached (whenever possible), ”read the update.

The transitions between phases 1 and 2 will follow in the future. However, exact dates have not yet been set. Phase 0 has no impact on the current Ethereum blockchain. The provision of the highly anticipated Maineum deposit address from Ethereum and the subsequent announcement of the official launch date had an immediate impact on the network.

Market participants rushed to take part in the promotion, which increased the price of the crypto coin by 7%. The token has increased from $ 380 to $ 409. There is a strong possibility the currency could continue to climb to $ 480.