Tascha shared his stance on the Ethereum coin and said that it will follow its downfall continuously in the next few years.
At present, the crypto market is moving toward adoption with the trend of Web3 and Metaverse like new concept use cases. Among these trends, Ethereum and Bitcoin are still at the top level but have no potential to give 10× to 100× profit like other trendy crypto projects. So the current time of this crypto industry is going with new concept web3 like projects instead of Ethereum like traditional blockchain technology.
Tascha, who is a Phdian in Macroeconomics, shared his thoughts on the Ethereum blockchain network with the BeInCrypto.
Tascha said that Layer1 blockchain competition networks like Avalanche, Solana are doing much better because of the updated technology of blockchain over traditional blockchain technology.
Opposite of this, she said that Shifting the Ethereum blockchain network from Proof-of-work to Proof-of-stake Consensus is very tough and it is taking much time for the Ethereum developer team. And it can be seen through the decreasing contribution of Ethereum contribution in the Defi industry.
According to the data available by Defi Llama, around 37% to $158 billion downfalls for Ethereum took place in terms of total value locked in Defi. On the other hand, Ethereum’s contribution was around 100% at the beginning of 2021. And this downfall in the contribution of Ethereum in Defi took place because of the high competition in this industry.
Right now, Luna is the second asset under management of the Defi Ecosystem, which has $18.31 billion total locked funds in the Defi. And it is followed by the Binance Smart Chain at $16.97 billion.
Besides these two block networks, Solana and Avalanche are doing their best and they compete with each other. Solana and Avalanche have $11.95 billion and $11.94 billion TVL in the Defi industry respectively.
And also there are many projects like Cosmos, Near, Polygon, etc. These projects are now sharing their contribution significantly with a very high amount.
This is a clear indication that Ethereum has no better ability against the upgraded technology-based blockchain networks, which are running on PoS and PoC Consensus. Hopefully, Ethereum will shift its network on Proof of Stake easily in the next couple of years. And in that situation, Ethereum will be able to get its respect and contribution the same as it was earlier.