One question we all ask ourselves is when will Ethereum break the $ 2,000 barrier? We have been seeing a bleak outlook for many weeks for the world's most important cryptocurrency DeFi.
Ethereum, despite the fact that the Binance Smart Chain makes more noise, continues to be the leader in terms of hosting Dapps and decentralized exchanges. Almost all developers and programmers who want to launch their applications and projects to the DeFi world do so on the Ethereum blockchain.
The figures are positive but the price does not behave in the same way. If we are guided by the statistics Ethereum should already be close to $ 3,000. Why has its growth slowed down?
As we well know, in July the EIP-1559 will be implemented, the new proposal suggested to miners so that the gas rates involved in transactions with smart contracts decrease significantly and the average and modest investor can work without stress within the Ethereum DeFi world. .
As the date approaches, new proposals are being considered, none official or forceful, with the aim that the miners are not the loser of this match.
The future Ethereum proposal aims for the user to support very small commissions, but with the possibility of giving a tip to the miner to speed up their transaction.
Let's say that if you want to deposit a handful of LP Tokens to do Yield Farming and the gas to confirm the transaction is one dollar, you would have the option, from Metamask itself, to pay 3 or 4 dollars more so that the miner has more in consideration your transaction. This way it would be included in the block earlier and you could have it ready in a matter of seconds.
We do not know if this will be fruitful, because the whales will always take precedence. That is to say, before the announcement of a new application, an Airdrop or the purchase of a token, a person willing to pay more than a tip will get faster times, much more, than a user who only wants to pay the lowest commission. This will allow you to access those tokens sooner.
It could also happen that the miners only include the transactions that come with a generous gift tip, to continue maintaining the profits they had before the implementation of the proposal.
The thing is that many investors and users, myself included, think that in the end Ethereum is not as decentralized as it seems to be, because if 4 miners (which are the ones there really are, that story that thousands of workers support the network nobody believes it) they control the entire blockchain, what difference is there with a bank then? None.
I am very upset with this situation. Very few can handle those amounts of gas, it's like getting robbed legally. We cannot allow it.
This explains the success in part of the Binance Smart Chain. A network that offers you instant transactions and for commissions of less than a dollar.
Posted Using LeoFinance Beta
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