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Brendan Blumer Says EOS Will Unleash DeFi As Ethereum Fees Skyrocket

September 06, 2020

Block.one CEO Brendan Blumer says EOS is the most suitable blockchain for the decentralized finance (DeFi) market as users experience slow and costly transactions on Ethereum.

In a tweetstorm, Blumer laments the performance of Ethereum amid the booming DeFi market, which has resulted in network congestion and high transaction fees.

“Ethereum has resulted in slow, costly, high inflation chain, controlled by a 3 pool cartel that refuses to upgrade the scalability of the protocol, while taking billions per year in mining fees as well as $90 per transaction.”

Blumer points out that EOS has the solutions to issues that are currently hounding the protocol underpinning most DeFi protocols.

“ETH promises upgrades that sound more like EOS everyday, but with endless delays and no practical path to implementation, while EOS delivers technological innovation monthly, that is in turn held to a high degree of scrutiny from a talented global community.”

EOS is touted as one of Ethereum’s main challengers, and Blumer thinks the blockchain can help the decentralized finance sector do away with its limitations. The Block.one head says EOS already has the ecosystem to take DeFi to the next level.

“EOS will unleash DeFi… EOS has the performance, liquidity, and developer community to support DeFi applications that aren’t possible anywhere else.”

Ethereum creator Vitalik Buterin has criticized EOS in the past, calling its delegated proof-of-stake model centralized due to its reliance on a handful of nodes.

A Q1 2020 report from Dapp Review found Ethereum remains the dominant platform for decentralized applications, moving $5.64 billion in volume compared to $1.74 billion on EOS.

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Featured Image: Shutterstock/Tithi Luadthong