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The DeFi bubble appears to have slowed in the final months of 202, with fees and confirmation times returning to less formidable levels.
“ETH fees are very low, which suggests that the DeFi madness has subsided for now,” Josh Olszewicz, also known as CarpeNoctom on Twitter, told Cointelegraph.
“DeFi cooling down, BTC HR [hash rate] down (-16% difficult adjustment), “he also said, referring to the situation on the Bitcoin (BTC) network. Bitcoin’s network action, however, is unrelated to Ethereum’s drop in fees, based on of Olszewicz’s opinion. ” correlate, “he explained.
Bitcoin’s hash rate has suffered a recent drop, signaling a drop in mining power for the network. Over the past few days, the Bitcoin blockchain has seen high levels of congestion, leading to longer confirmation times, with many unconfirmed transactions yet. The network completed a significant difficulty adjustment on Nov.3, but the declining hash rate before the adjustment was the likely catalyst behind the high fees and clogged network, Olszewicz said.
“I’m not sure why BTC fees are so high,” Olszewicz said. “The fees should be” burned “by the high congestion by now, so not quite sure, but the total fees / day are increasing on BTC,” he explained. “There may be a delay effect there.”
Bitcoin continues to be in the spotlight as it challenges a convincing breakout beyond its 2019 high as discussions continue on adopting traditional corporate BTC.
