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Brendan Blumer believes that EOS will take DeFi to the next level as Ethereum fees increase steeply

Photo of: Sangeetha Golchha
by Sangeetha Golchha

The skyrocketing Ethereum gas fees have been a matter of concern for everyone around it. Ethereum has recently drafted the EIP 2929 draft that would attack the issue of increasing gas fees, but it will still take some time before the community accepts it and it gets applied. 

In the midst of gas fee turmoil, Block.one CEO Brendan Blumer believes that EOS is after all the most appropriate blockchain in the Decentralized Finance market because users are now experiencing the brunt of gradually upward rising costly transactions on the Ethereum network. He took to Twitter to complain about the questionable performance of Ethereum in the booming DeFi market which had paved the way to network congestion and extremely high and unaffordable transaction fees. 

He believes that Ethereum has indeed led the way to a gradual yet rising high inflation chain mainly because the 3 pool cartel calling the shots have been rigid about now upgrading the scalability of the protocol. It is taking huge billions in mining fees due to this, as well as $90 for every transaction there is to be. Blumer replaces his thoughts with EOS as a great option pointing out that EOS has the right solutions which would tackle such issues that have been badgering the protocol shoring up other protocols. 

He went on to add that although ETH is promising that it is working on the situation and that it will upgrade the system soon. But, the upgrade plans are not met with action due to delays and absolutely no proper solution to implementation. EOS on the other hand has always delivered its promises of upgrades on a regular note, it is always looking forward to work and delivering solutions with technological innovation on a monthly basis. Such upgrades have caught the attention of the community which is holding it under tight scrutiny. 

With time EOS has emerged as one of the biggest challenges of Ethereum. EOS’s leader believes that this blockchain can assist the Decentralized sector to fight out its limitations and expand beyond imagination. In fact Block.one head also believes the same by saying EOS possesses everything in its ecosystem that can take DeFi to the next level. 

“EOS will unleash DeFi… EOS has the performance, liquidity, and developer community to support DeFi applications that aren’t possible anywhere else.”

Vitalik, the creator and co-founder of Ethereum in the past criticized EOS calling its delegated Proof-of-Stake model centralized because it was heavily reliant on a few nodes. 

A quarter-one report from Dapp review this year found out that Ethereum still holds the top slot as a dominant platform for Decentralized application. Its volumes were recorded to be $5.64 billion compared to $1.75 billion on EOS. 

Source: dapp review

The total transaction volume of Ethereum dapps in 2020 Q1 was $5.64 billion, an increase of 652% compared to the last Q1 where it stood at $743 million. Most of the growth in the volume of DeFi projects are in ERC-20 tokens such as WETH, DAI, USDC, etc, and not its native token ETH.