17 February, 2020 | AtoZ Markets – The biggest hackathon for Ethereum and other blockchain protocol ETHDenver 2020 was held in Colorado last week. Several activities are offered during the three-day event, including discussions between the best blockchain experts on industry development. Among the usual categories for gaming dApps, smart contracts, IoT, scaling and add-ons for the platforms such as MetaMask. DeFi dominated Ethereum hackathon this year.
Ethereum Hackathon Concludes with Defi Domination
Decentralized finance (DeFi) exploits decentralized networks to transform old financial products into transparent and trustless protocols. It is now gaining ground. DeFi is considered to be a big deal for the crypto community, and some think it will dominate the blockchain space this year.
Ethereum co-founder Vitalik Buterin is enthusiastic about the world of decentralized finance, built mainly on Ethereum. Besides, he believes in the absolute success of ETH 2.0 launch. Decentralized finance was growing fast in the crypto industry last year. The momentum has continued in 2020 with a recent record of $ 1.2 billion total value lockup hit over the weekend.
Earlier, Mr. Buterin said, “I am very enthusiastic about the potential DeFi offers in principle. Anyone can have access to a system from anywhere in the world that allows them to pay themselves and choose their own exhibition financial. The idea is a really powerful thing. It’s something that a lot of people don’t have access to.” He also said:
“I think the most used DeFi applications are the simplest stable coins, synthetic assets, decentralized exchanges,”
The exploitation of the DeFi lending protocol bZx brought down its Fulcrum trading platform following a 10,000 ETH “flash loan” contracted by the aggressor. Staked CEO Tim Ogilvie, who works closely with bZx, said:
“There are big risks. It is a new category; it is evolving quickly, and it means things are going to break.”
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Ethereum 2.0 and Its Prospects
Vitalik Buterin also shared his opinion on decentralization in general and commented on the development of Ethereum 2.0. Besides, he spoke of the development of Ethereum 2.0, which is currently in test. It is combining the Proof-of-Stake (PoS), Sharding and eWSAM projects. Ethereum 2.0 aims to perform tens of thousands of transactions per second.
Buterin was “very confident” in the new Ethereum 2.0 network. At the ETHDenver 2020 conference, Buterin was then asked what his role was and whether the project could survive without him. Due to the influx of new researchers who contribute to Ethereum, he convinced that the project could survive without him. He was also largely “absent” from many community debates.
According to Joseph Lubin, co-founder of Ethereum and CEO of ConsenSys, their goal is to bring more than a million developers to the network. Ethereum 2.0 will facilitate several on-chain transactions while retaining the critical aspects of decentralization and security. Therefore, the network has excellent chances of success.
The final launch date for Ethereum 2.0 is unknown. It is also unclear how the launch will affect the price of Ethereum. Currently, the price of Ethereum is $249.15 and declines 6.49% at the time of publication.
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