How DeFi Can Be Revolutionized by Ethereum 2.0

Indeed, Ethereum 2.0 has the ability to drastically change DeFi as well as the larger ecosystem, but we can’t only enter the door partially. Important advancements still need to be made for it to realize its full potential.

Concerns regarding over-centralization have been raised by the switch to proof-of-stake. According to James Wo, founder and chief executive officer of DFG, the blockchain may achieve its objectives by restating its dedication to decentralization.

The SEC’s June decision to withdraw its charges against Ethereum

marked a turning point in the platform’s development and increased acceptability among investors.

The SEC suspected that ether (ETH) was being traded as an unregistered asset, raising concerns that certain regulations and procedures weren’t being followed by the seller for individuals who didn’t follow the case. Ethereum’s supporters countered that the network does not fit the definition of a security or investment contract because it is decentralized.

Even while the SEC chose not to pursue legal action directly, it did allow for more conversations about centralization. The technological features of Ethereum’s architecture have sparked a crucial discussion about the diminishing power of prominent entities. Even though these discussions are primarily internal, resolving these issues can help the network achieve its upgrade objectives and promote true decentralization.

This is particularly true as the network strives to realize the goals of “Ethereum 2.0,” which is its upgraded token and infrastructure that is more robust, approachable, and useful. While some claim it has already arrived, others point out details that need to be added before it can be declared to be here for sure.