Are your ready for a pradigm shift?
This week I made a quite special experience. I've been posting on publish0x on and off for a certain time and I managed to make a withdrawal. I'm not using my Etherium account often and I was shocked when I saw the gaz that was needed to send the ERC20 token to an exchange. I simply didn't have enough ether to make the transaction...
With the defi boom what to do about gaz prices?
I ask myself the question, how can a boom be sustainable when it becomes so expensive to make transfers on the etherium blockchain? I'm not that tech savy and I don't know if there is anything in the pipeline to mend this problem, but I can't imagine that things will progress in a nice way with such gaz prices. When defi is all about getting a return on your money and then you loose a big chunck of this return when you make a withdrawal, I believe there is a systematic problem that can't be ignored...
This is a conceptual bottleneck that will become bigger a problem with every new project and new token. The etherium blockchain simply has it's capacity limits and there is a real scalability issue.
Defi on Steem/Hive?
When I look at our platform on steem/hive called dlease, we have actually the possiblity to make a very decent return on our staked money of which we keep 100% control. We can cancel a lease on both sides and nobody looses anyhting. Thanks to the integrated delagation concept, the trust is 100% among the contract partners. In addition to that, I get daily payouts on a blockchain that has 0 transaction costs!
When I look at the second layers architecture of Steem/Hive that allows the creation of new tokens and the easy interaction with the blockchain over json files, I believe that all tools are united to become a new defi leader...
What do we need to bring more #defi to our blockchain?
They are working on this problem for a long and Ethereum 2 is coming and you have sidechains solutions like Matic.
Thanks for your answer. Matic seems to be quite a solid construction to carry a big load of data.
Yep, and many DAPPS use Matic already.
Ah yeah the gas price went through the roof. Welcome to Ethereum land I guess 😂😂😂
Exactly. I had to pay as much gaz as I what I withdrew ... lol...
I did almost not transactions on the ETH blockchain this month due to this problem. I think I'll wait for v2 or for lower gas fees.
That gas fee increase rate has been a discussion for a while now and I begin to wonder whether truly the ethereum team are working to reduce it or perhaps they are even more convenient to see it as it is
I think the gaz price is a kind of architectural mistake. They will probably work on scaling the whole blockchain.
it can be possible, with Time they can develop something similar or better at steem/hive, Lets just sit and enjoy waiting, meanwhile i agree with you, the gas fee is high.
Thanks for your comment my friend!
Hi @achim03
One of the topics of the moment, the price of GAS. I've particularly kept away from ethereum, and now with this more. I hope that the new one can solve this problem, because it ends up being much more expensive and less profitable than having money in a bank.
Certainly, hive/steem has all the technological infrastructure for DeFi, at least I think so.
I'm not big fan of ethereum either. Especially because of the transaction costs. I think it's a big fuss about defi that doesn't really make sense to me.
Thanks a lot for your comment!
@tipu curate
Upvoted 👌 (Mana: 16/20) Passive income with @tipU :)
Thanks for the tipu tip!
Love the 0 tc. Delease is praised by seemingly everyone. As for P0x, eth is a must?
If you do it cleverly you directly send your proceeds from P0x to an exchange. I made the mistake to send them to my metamask wallet and from there I had to pay fees...
thanks :)