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27 September 2020

First Mover: Ethereum Gets Unplanned Stress Test as DeFi Fever Grows - CoinDesk

First Mover: Ethereum Gets Unplanned Stress Test as DeFi Fever Grows - CoinDesk


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The proving ground for most DeFi projects is Ethereum, the second-biggest blockchain, preferred by many developers for its facilitation of “programmable money” through “smart contracts” – bits of programming that stipulate conditions under which transactions occur, as well as any outputs.

DeFi applications have jammed up the Ethereum blockchain with congestion, roughly quadrupling median transaction fees, known as “gas,” since the start of the year.

“High Ethereum gas prices have not affected the DeFi ecosystem yet,” the publication wrote in its “Dapp Ecosystem Report” for August. 

Ethereum (ETH): Ether balances on exchanges have fallen to a seven-month low on centralized exchanges , potentially suggesting traders are using their tokens to make money from DeFi applications such as yield farming.   

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