The Wolf of All Streets Twitter Account handle pointed to how in a recent interview with Camila Russo, about all things Ethereum DeFi, she stated, the real viable alternative for Ethereum to scale is layer 2 solutions. These are technical solutions network, but take some of the pressure off the Ethereum main chain, and take it to a second network off of the main chain. So, for example, some of the transactions would have been on a separate network, some of the computing power, some of the storage would be taken outside of the Ethereum network on to these layer 2 solution.
So that say, a thousand transactions happen on this network very quickly and very cheaply. And, then they confirm the bundle of transactions and instead of having 2 x thousand transaction on Ethereum, they only do one transaction on Ethereum. So that speeds up obviously and there makes processing on Ethereum cheaper.
Joe Weisenthal, Co-host of Odd Lots Podcast expressed: Something I wonder about ethereum is. Has there ever been another technology where so many people have made a life changing fortune before delivering any tangible consumer benefits to non-holders?
In response, Camila Russo stated, There were no holders of the internet and it created immeasurable consumer benefits because you couldn’t own* the internet. Ethereum / public blockchains change that paradigm: Users can actually own the protocol now. Consumers & users = holders & owners. Further stated, and have to add, the claim that nothing workable has been built on Ethereum is just baffling to me.
When someone asked, If ETH rises on price, doesn’t that make transactions more expensive? It would be like raising internet service prices?
In response, she stated, ETH price increase is indirectly related to TX cost. TXs are priced in gas and paid in ETH. When ETH price increases, you use less ETH to pay the same amount of gas.
“A History of DeFi and Ethereum w/ Camila Russo” is worth watching by those who would like to know more about Ethereum and its history and other stuff in terms of DeFi.
However, recently, Camila retweeted statements: Ethereum is on pace to settle $1.6 trillion in transactions for Q1 2021. In the last 12 months it has settled $2.1 trillion in transactions. Incredible scale for a technology that critics claimed couldn’t scale. ETH bears are everywhere and things will change very soon.
