Ethereum’s dominance of the DeFi market could benefit from the Terra blockchain’s demise as the second largest DeFi blockchain.
Paul Brody, global head of blockchains at Ernst & Young Global, believes so. Despite competition from other smart contract blockchains like Solana, he believes Ethereum will eventually “rule everything.”
According to him, Ethereum is the most dependable blockchain for development. Current issues with transaction speed and cost cannot conceal this.
“At EY, we are very selective about the ecosystem we work in. We have audited many ecosystems, but we only develop in the Ethereum ecosystem, Brody said in an interview with Distributed Ledger. “
Isn’t Ethereum merely the largest ecosystem? If you can only master one item, focus on the largest market, Brody said. He noted that Ethereum also has enormous institutional maturity.
Brody also disputed the notion that the future of decentralized finance is multi-chain, in which several blockchains coexist and all contribute to the ecosystem:
“People talk about multi-channel like it’s kind of a no-brainer. Like, ‘Oh, we’re all heading towards a multi-channel future. It’s really strange, Brody said. We don’t have a multi-channel Internet, we have TCP/IP over Ethernet. “
The tech industry loves standards, he explained, pointing out, EVM is a standard, isn’t it? TCP/IP is a standard. Windows is a standard. It’s very rare to have truly heterogeneous ecosystems, because it involves significant overhead.
The Ethereum price and its technical benchmarks
Ethereum is in jeopardy since the latest low of $1796, set on May 12, 2022, was unable to sustain the negative pressure.
This level now provides immediate resistance as the gap between it and the crucial $2000 level and the 23.6 percent Fibo retracement of $2216 expands dramatically.
If the losses continue, the psychological level of $1500 and the 123.6 percent Fibo extension of $1375 will be within reach.