The DeFi bubble appears to be slowing in the final months of 202, and fees and confirmation times have decreased to less impressive levels.
“ETH fees have dropped significantly, suggesting the DeFi craze has subsided for now,” Josh Olszewicz, also known as CarpeNoctom on Twitter, told Cointelegraph.
“DeFi Cooling, BTC HR [hash rate] far down (-16% difficult adjustment), “he also said, referring to the situation on the Bitcoin network (BTC). However, Bitcoin’s network action is not related to the decrease in Ethereum fees based on Olszewicz ‘opinion. ” Just happened to correlate, “he explained.
Bitcoin’s hash rate has recently dropped, indicating a decline in mining performance for the network. In the past few days, the Bitcoin blockchain has been heavily overloaded, resulting in longer confirmation times, with many transactions still remaining unconfirmed. The network completed a significant difficulty adjustment on November 3, but the falling hash rate before the adjustment was the likely trigger for the high fees and congested network, Olszewicz said.
“I’m not sure why the BTC fees are so high,” said Olszewicz. “The fees should be ‘burned down’ from the high congestion by now, so not entirely sure, but the total fees / day are increasing at BTC,” he explained. “Could have a delay effect there.”
Bitcoin continues to be in the spotlight as it questions a compelling breakthrough after its 2019 high as discussions of mainstream BTC company adoption continue.