According to information from CoinMetrics reports, the growing transaction fees on the Ethereum blockchain, which grew by 500% in a month, makes DeFi applications available only to whales, limiting retail users.
DeFi continues to thrive
According to the latest data, the capitalization of assets blocked in DeFi applications has exceeded $ 6 billion. More than 80% of these funds are in the accounts of Maker (MKR), Aave (LEND), Curve Finance (CRV), Synthetix (SNX) and Compound (COMP).
At the same time, the high demand for Ethereum creates a heavy load on the network, as a result of which fees are growing. At the moment, the cost of a transaction has broken the record of the last 5 years, which makes the use of the Ethereum blockchain unprofitable for ordinary users
Whales can take over the industry
Experts from CoinMetrics believe that at present control over the decentralized finance market is smoothly passing into the hands of large holders who can afford to ignore such large fees.
“On August 12, the total value of daily Ethereum transactions exceeded $ 6.87 million, breaking the previous record of $ 4.55 million set in January 2018. The next day, Ethereum grossed $ 8.61 million, which was a new record. “ — from the CoinMetrics report.
If the situation on the market does not change, then soon the “whales” will oust private crypto-enthusiasts from the DeFi market, experts are sure.
