Party at Vitalik’s House? For DeFi, it’s Do-or-Die

Ethereum gas prices have set new records, with single DeFi transactions costing over $10 in fees. Gas prices go up as Ethereum gets more congested, and while the current rate is eye-poppingly high, congestion on Ethereum is nothing new.

While Ethereum’s high gas prices seem to only cement Ethereum’s network value, it also inescapably damages Ethereum’s utility as a smart contract platform for delivering decentralized and world-changing applications to the larger population. The combination of Proof of Stake and sharding sounds perfect, and has served to reassure Ethereum projects that the current congestion problems and high gas prices will soon be a thing of the past.

Timeline of Ethereum, Gas