Crypto farmers are not afraid of high Ethereum fees

ETH problems did not cause the migration of DeFi from the blockchain of the project.

Block.one CEO Brandan Bloomer criticized Ethereum. In his opinion, project is characterized by high inflation. The specialist also drew attention to the high level of centralization of the project and the lack of desire to meet users’ requirements who are forced to pay huge commissions.

Recall that the growth in the number of transactions in the Ethereum network is associated with the popularity of DeFi protocols among crypto farmers. The reason is that most of the projects in the decentralized finance sector are built on the ETH blockchain. Taking into account the popularity of profitable farming, Ethereum mining is breaking records. For example, ETH miners recently managed to earn more than $500,000 in transaction fees in one hour.

On Friday, Ethereum developers discussed the problem of the high cost of transfers on the cryptocurrency network. No solution has been found yet.

It is noteworthy that the co-founder of Ethereum, Vitalik Buterin, has a negative attitude towards crypto farmers. In his opinion, DeFi projects that are forced to flood the market with tokens in order to pay off their users resemble a Ponzi scheme (pyramid). It is worth mentioning that ETH itself has not escaped similar accusations.

According to Block.one representatives, the choice of Ethereum by DeFi projects as the main blockchain is irrational. To replace it, the experts offered EOS, which is the development of Block.one.

The DeFi participants don’t share the opinion of the company representatives. Statistics indicate that Ethereum accounts for about 94% of transactions in the decentralized finance sector.


Data: dappradar.com

At the same time, the number of operations based on ETH in the DeFi sector continues to grow, and in August it exceeded $ 15 billion.


Data: dappradar.com

Other projects are also trying to get the attention of DeFi representatives. For example, today it became known about the launch of the Launchpool project of the popular digital asset exchange Binance. Users can earn on BNB and BUSD staking on a platform focused on crypto farmers.

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