Investing.com – The dominance of the DeFi sector by is set to benefit from the blockchain’s collapse as the second-largest DeFi blockchain.
That’s the opinion of Paul Brody, global head of blockchains at Ernst & Young Global. He expects Ethereum to eventually “control everything”, despite competition from other smart contract blockchains like .
According to him, Ethereum is the most reliable blockchain for development. Current problems with transaction speed and cost cannot hide it.
“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.
“Ethereum is just the biggest ecosystem, right? If you can only master one thing, you have to focus on the biggest market,” Brody said. Additionally, Ethereum has “enormous institutional maturity,” he added.
Brody also took issue with the idea that the future of decentralized finance is multi-chain, where different blockchains co-exist 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 multichannel 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 technical benchmarks of the Ethereum price
Ethereum is in a perilous situation as the recent low of $1796, formed on May 12, 2022, could not withstand the downside pressure.
This level now offers immediate resistance as the gap widens visibly with the resistances above it at the psychological $2000 level and the 23.6% Fibo retracement of $2216.
If the losses accelerate in the coming days, the psychological threshold of $1500 and the 123.6 percent Fibo extension of $1375 will be in sight.
By Marco Oehrl