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The bank’s strategist suggested that this year the largest altcoin by capitalization will continue to lose its share in the field of decentralized finance (DeFi)
Ethereum’s share of decentralized finance (DeFi) will continue to decline, JPMorgan strategist Nikolaos Panigirtzoglu said. According to him, the upgrade of the altcoin network, aimed at scalability, is planned only for 2023, because of which the asset will not have time to catch up with the rest of the market, Bloomberg reports.
Ethereum’s DeFi dominance reached 97% in January last year, and has dropped to 63% by now. This is largely due to the rise of competing blockchains such as Terra, Binance Smart Chain, Avalanche, and Solana. The high fees on the Ethereum network make it inaccessible to a significant portion of the community.
Earlier, Ethereum co-founder Vitalik Buterin said that the full implementation of the altcoin roadmap will take about six years. According to Buterin, at the moment Ethereum is 50% complete, and already this year this figure should be increased to 80% according to the plan.
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