Ethereum losing steam: Will V2.0 or other blockchain be the solution to DeFi? 以太坊失去动力：V2.0或其他区块链将成为分散式金融的解决方案吗？
Plutus Chain, is among one of the many alternatives you can look at. 普利拓斯是可取代以太坊的创新区块链之一
The go-to blockchain for decentralized finance has always been Ethereum (ETH) till recently. It has the great advantage of being a first mover, so plenty of investors are already aware of ETH and its use cases. ETH tokens also played a role in the ICO bonanza of 2017 and 2018, and are becoming highly active again in their new role as the backbone of the DeFi market in 2020.
The DeFi market has grown by leaps, increasing the value locked by more than 50 times in the past 12 months. This market, however, is not a single entity but a loose structure of interconnected projects, including lending, algorithmic trading, and yield farming. Projects like Maker and Compound emerged as leaders in the lending market. The Uniswap exchange is the leading hub for automated market making. Yield-farming projects are still competing for a clear leader, but the collection of tokens has grown in value.
It is precisely the scale and rapid growth of decentralized token-based projects that add to the hype of DeFi. Not only are active users growing, but they are also users highly active on social media. This adds to the visibility of DeFi; its outsized yields for some. The problems also don’t remain hidden, especially when it comes to the high gas fees that come with using ETH or sending tokens.
Ethereum Rules DeFi
As of 2021, about 90% of transfers on the Ethereum network come from only the top 10 DeFi distributed apps, showing that Ethereum is mostly solely about DeFi in 2021. The Ethereum ecosystem holds roughly 10 times more projects compared to its competitor, EOS. However, Binance Smart Chain has grew expotentially, replacing projects built on the Ethereum network.
Binance Smart Chain has started hosting DeFi projects and growing both its active users and the value locked. As Binance Coin (BNB) grew in value, so will the value locked on Binance Smart Chain. More projects are joining this alternative blockchain, and Pancake Swap is already becoming a high-publicity trading hub.
It must be noted that Ethereum is still the leader in total value locked. One of the reasons for this is the bull market in Q1, which took ETH above $2,000. The value locked is also instrumental, as it is collateral to lending projects and a source of stability for the DAI dollar-pegged asset.
DeFi Adoption Still Mostly Retail
Institutional interest is still slow to adopt an approach to DeFi. Trading major cryptocurrencies are well known, and there are already platforms that give mainstream retail buyers exposure to price fluctuations. But so far, there are no indications of large institutions backing collaterals or participating in DeFi projects.
One of the reasons for this is DeFi’s reputation as a space for almost unlimited gambling. Liquidations and losses are also sources of extreme volatility, outside the range of traditional investors. But the tools being developed on Ethereum are attracting the attention of mainstream investors. The Ethereum ecosystem is converging on the rising interest in fintech, where pocket investment apps are gathering a new cohort of tech-savvy buyers looking for higher returns.
Ethereum Flaws Persist
Despite the indicators of growth, the Ethereum project still has flaws inherent since its inception. The network is designed to raise its fees with more users. What’s worse, a feature of pre-buying gas to pay fees in the future may be disabled in the summer, leaving Ethereum users open to unpredictably high fees. Vitalik Buterin has proposed to remove the SSTORE and SELFDESTRUCT options, thus closing the opportunity to pay for gas in advance and use it to make a transaction when fees are high.
Because of how gas fees work, Ethereum is not scalable. There may be immense demand from users to dip their toes into DeFi, but it turns out the network is not so democratic, running up fees of hundreds of dollars even for trivial token swaps or transactions.
Will ETH 2.0 be the solution?
The proposed ETH 2.0 network has been promised for years, and it always seems to be 12–18 months into the future. High fees became a hurdle already in 2017, as mainstream interest in crypto made traders flock to the network. In 2021, the fees remain the elephant in the room.
But for now, Ethereum has not managed to transform itself into a proof-of-stake network and still relies on mining. One of the reasons is that miners are putting pressure on the developer team, and may stop updates on the path to ETH 2.0. Hypothetically, miners can simply refuse to mine the new network, and there is a campaign to gather hashrate against EIP-1559, the proposal to drastically cut gas fees. The proposal, if implemented, is one of the ways to solve the gas fee problem.
The potential miner revolt is an unresolved issue in Ethereum, which may affect the DeFi market due to uncertainty. In the most catastrophic scenario, the Ethereum network splits again, with one version supported by miners. This will create immense problems of duplication and legitimacy for all DeFi projects and token-based economies.
One workaround is the latest proposed roadmap to ETH 2.0. In this scenario, the developer team will launch the Beacon Network, which will, for a while, coexist with the current network. Beacon Chain is live, but it has no effect on the current usage of the Ethereum network. It is mostly used to test out propositions and new technologies. Next, developers will deploy shards, or side chains, which will also carry some of the traffic. The most unclear element of Beacon Chain, however, is the Docking stage, when it will have to synchronize with the mined Ethereum 1.0 chain. The estimated date for this event is some time in 2022.
Are There Alternatives to Ethereum?
Over the past few years, multiple projects launched with the aim of becoming the “Ethereum Killer.” Some of those networks indeed boasted higher speeds and lower fees. The list of projects with a similar idea is long, with a few notable networks. At the moment, only BSC looks like it is the closest competitor that can replace Ethereum as the king of dAPP and DeFi protocols. However, we should all know that BSC is a fork of ETH and blockchain evangelists should all know that BSC is not truly decentralised.
NEO, setting out to become “the Ethereum of Asia,” is currently attempting to re-launch for better scalability. Networks like EOS encountered their own problems of scarcity but still managed to become a platform for distributed apps and a nascent DeFi industry. IOST, Stellar, and TRON also line up as widely used networks. All of those networks have dApps that resemble DeFi in some ways, though at a much smaller scale and adoption rate.
So, What’s Next for Ethereum?
The Ethereum DeFi ecosystem has proven exceptionally resilient. Despite liquidations, high fees, and outright scams, the network remains attractive.
But the market has voted with its wallets, as evidenced by the rise of Binance Smart Chain. The approach to DeFi and algorithmic trading is already well known and can be implemented on any other network. Even older projects, like VeChain, Steem, Ontology, and IOTA, are pivoting to build a DeFi component. So while Ethereum is in the lead right now, its competition is thriving. Projects like Binance Smart Chain, purposely built to host DeFi and fast dApps, are even ahead of Ethereum, as they avoided the mining stage and started off with various forms of proof-of-stake. The only element remaining is DeFi investors realizing the same returns can be achieved on alternative networks, so they can abandon Ethereum-based DeFi for newer projects.
About Plutus Chain
Plutus Blockchain is an open sourced technology layer supporting the latest Fintech applications based on decentralised ledger technology (DLT). Plutus Blockchain is built with scalability in mind and supports a myriad of Decentralised Finance (DEFI) applications.
About Plutus Capital
Plutus Capital is backed by a FinTech system built on a public blockchain, where an individual can enforce greater control of his own funds. The Plutus blockchain and token rely on the tamper-proof nature of ledger as well as smart contract and validation to ensure all processes are safe and secure.
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PlutusSwap
Governed by yPLT token holders, PlutusSwap is built by the Plutus Capital dev community. Other than earning rewards on PlutusSwap, yPLT token holders have the right to vote on proposals and decide on future development within our ecosystem. PlutusSwap believes that the key to unlocking economic equality, prosperity and financial freedom lies in developing strong Fintech use-cases on cutting-edge DLT. Most importantly, PlutusSwap is neither a chef nor food. PlutusSwap aspires to bank the unbanked, bringing fundamental financial rights to billions of individuals across the globe. We want to unbank the banked, stripping away the financial prison that many in the first world are enslaved to.
We, are the followers of the great god of wealth, Plutus.
直到最近，去中心化金融的首选区块链一直是以太坊（ETH）。它具有成为先行者的巨大优势，因此许多投资者已经意识到ETH及其用例。 ETH代币在2017年和2018年的ICO财富中也发挥了作用，并在2020年成为DeFi市场的骨干这一新角色中再次变得非常活跃。
DeFi市场实现了飞跃式增长，在过去12个月中锁定的价值增长了50倍以上。但是，这个市场不是单个实体，而是相互联系的项目的松散结构，包括贷款，算法交易和收益农业。 Maker和Compound等项目成为贷款市场的领导者。 Uniswap交易所是自动化做市的领先枢纽。收益农业项目仍在争夺一个明确的领导者，但代币的价值有所增加。
正是基于分散式令牌的项目的规模和快速增长加剧了DeFi的炒作。活跃用户不仅在增长，而且在社交媒体上的活跃度也很高。这增加了DeFi的可见性。它的产量大一些。这些问题也不会一直隐藏，特别是涉及使用ETH或发送令牌所产生的高昂费时。
以太坊是DeFi的领导者
截至2021年，以太坊网络上约90％的传输仅来自排名前10位的DeFi分布式应用程序，这表明以太坊在2021年主要只涉及DeFi。与竞争对手EOS相比，以太坊生态系统拥有的项目大约多10倍。但是，币安智能链已经迅猛发展，取代了以太坊网络上构建的项目。
Binance Smart Chain已开始托管DeFi项目，并增加其活跃用户和锁定价值。随着币安币（BNB）价值的增长，币安智能链的价值也将随之锁定。越来越多的项目正在加入该替代区块链，而Pancake Swap已经成为一个高度公开的交易中心。
必须指出，以太坊仍然是锁定总价值的领导者。原因之一是第一季度的牛市，以太坊价格超过2,000美元。锁定的价值也发挥了作用，因为它是贷款项目的抵押，也是DAI盯住美元资产的稳定来源。
DeFi的采用仍然主要是个人投资者
采用DeFi方法的机构兴趣仍然很慢。交易主要的加密货币是众所周知的，并且已经有了让主流零售购买者承受价格波动风险的平台。但是到目前为止，还没有迹象表明大型机构会支持抵押品或参与DeFi项目。
原因之一是DeFi作为几乎无限的赌博场所而享有盛誉。清算和亏损也是极端波动的根源，超出了传统投资者的承受范围。但是，在以太坊上开发的工具正在吸引主流投资者的注意。以太坊生态系统正集中在对金融科技日益增长的兴趣上，在那里，零用投资应用程序聚集了一批新的精通技术的买家，他们希望获得更高的回报。
以太坊缺陷持续存在
尽管有增长指标，以太坊项目自成立以来仍然存在固有的缺陷。该网络旨在增加更多用户的费用。更糟糕的是，将来可能会在将来禁用预购天然气以支付费用的功能，从而使以太坊用户面临难以预料的高额费用。 Vitalik Buterin建议删除SSTORE和SELFDESTRUCT选项，从而关闭提前支付天然气的机会，并在费用高昂时使用它进行交易。
由于汽油费的运作方式，以太坊无法扩展。用户可能有巨大的需求将他们的脚趾浸入DeFi，但事实证明，网络并不是那么民主，即使是琐碎的代币交换或交易也要花费数百美元。
ETH 2.0将成为解决方案吗？
拟议中的ETH 2.0网络已经承诺了多年，而且似乎永远是未来的12–18个月。随着对加密货币的主流兴趣使交易者涌向网络，高费用已在2017年成为障碍。在2021年，这些费用仍然保留在房间里。
但是就目前而言，以太坊尚未设法将自己转变为权益证明网络，仍然依赖于挖矿。原因之一是矿工给开发团队施加了压力，并可能停止向ETH 2.0进行更新。假设，矿工可以简单地拒绝开采新网络，并且有一项针对EIP-1559（大幅削减汽油费的提议）的哈希率运动。该建议如果得到实施，将是解决汽油费问题的方法之一。
潜在的矿工反叛在以太坊中尚未解决，由于不确定性，可能会影响DeFi市场。在最灾难性的情况下，以太坊网络再次分裂，矿工支持一个版本。这将为所有DeFi项目和基于代币的经济带来巨大的重复和合法性问题。
一种解决方法是最新提议的ETH 2.0路线图。在这种情况下，开发人员团队将启动Beacon网络，该网络将在一段时间内与当前网络共存。信标链是活动的，但对以太坊网络的当前使用没有影响。它主要用于测试命题和新技术。接下来，开发人员将部署分片或侧链，这些分片或侧链也将承载一些流量。但是，信标链中最不清楚的元素是对接阶段，此时它必须与已开采的以太坊1.0链同步。此事件的估计日期是2022年的某个时间。
是否有以太坊的替代品？
在过去的几年中，发起了多个旨在成为“以太坊杀手”的项目。其中一些网络确实拥有更高的速度和更低的费用。具有类似想法的项目列表很长，有一些著名的网络。目前，只有BSC看起来是最接近的竞争对手，可以取代以太坊，成为dAPP和DeFi协议的王者。但是，我们都应该知道BSC是ETH的分支，而区块链布道者应该都知道BSC并不是真正的去中心化。
NEO即将成为“亚洲以太坊”，目前正试图重新推出以实现更好的可扩展性。像EOS这样的网络遇到了自己的稀缺性问题，但仍然设法成为了分布式应用程序和新生的DeFi行业的平台。 IOST，Stellar和TRON也作为广泛使用的网络排队。所有这些网络都具有在某些方面类似于DeFi的dApp，尽管其规模和采用率要小得多。
那么，以太坊的下一步是什么？
以太坊DeFi生态系统已被证明具有极强的弹性。尽管有清算，高额费用和彻底的骗局，该网络仍然具有吸引力。
但是市场已经对其钱包进行了投票，正如币安智能链的兴起所证明的那样。 DeFi和算法交易的方法已经众所周知，可以在任何其他网络上实现。甚至更老的项目，例如VeChain，Steem，Ontology和IOTA，都在努力构建DeFi组件。因此，当以太坊目前处于领先地位时，其竞争正在蓬勃发展。专门为托管DeFi和快速dApp而构建的Binance Smart Chain等项目甚至领先以太坊，因为它们避免了挖掘阶段，并以各种形式的股权证明开始。剩下的唯一因素是DeFi投资者，他们意识到可以在替代网络上获得相同的回报，因此他们可以放弃基于以太坊的DeFi来开发新项目。
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