The DeFi bubble appears to be slowing in the final months of 2020. Commissions and confirmation times are falling to less impressive levels.
“The ETH fees are very low, which indicates that the DeFi craze has subsided for the time being.” you said Cointelegraph, Josh Olszewicz, Also known on Twitter as CarpeNoctom.
“DeFi cooling, BTC hashrate reduced (-16% difficulty level)”, He also said and referred to the situation in the network of Bitcoin (BTC). However, according to Olszewicz, the Bitcoin network’s action is not related to the drop in Ethereum fees. “They only correlate”, explained.
Bitcoin’s hash rate has recently dropped. This indicates a decline in the network’s mining performance. In the past few days, the Bitcoin blockchain has been heavily overloaded, resulting in longer confirmation times, with many transactions not yet confirmed. The network full a significant difficulty on November 3rd, But the drop in hash rate before the adjustment may have been what caused the high fees and congestion on the network, Olszewicz said.
“I’m not sure why the BTC fees are so high”, Said Olszewicz. “The commissions should be ‘burned out’ by now due to the high level of congestion, so I’m not exactly sure, but the total commissions per day are increasing at BTC.”he explained. “There could be a delay effect there.”
Bitcoin continues to be the focus of attention Try a compelling breakout after the 2019 high as discussions continue on mainstream companies adopting BTC.