DeFi Economist David Shuttleworth Lauds Ethereum’s Efforts, Says “ETH Is The Foundation Of The Internet.”

Ethereum Updates
  • The DeFi economist at Consensys, David Shuttleworth, is bullish on Ethereum 
  • In an interview with Kitco, Shuttleworth noted how Ethereum processes far more transactions than Visa.

In his latest interview with Kitco, the leading DeFi economist at ConsenSys, David Shuttleworth, has praised Ethereum. Shuttleworth noted how post-merge Ethereum has levelled up dramatically and can be dubbed “the foundation of the Internet.”

Ethereum Can Power More Transactions Than Visa: David Shuttleworth

According to Shuttleworth, Ethereum’s latest transition to its proof-of-stake consensus has amped up the network’s abilities in terms of performance and scalability. Shuttleworth further stated how Ethereum is capable of powering more transactions than Visa, lauding its infrastructural intricacies. 

The DeFi economist further shared how post-merge ethereum can trigger ETH’s mass adoption, referencing qualities such as better security and stability for its users. 

“I’m by no means an Ethereum maximalist. I am much a fan of the multi-chain world, but I think that Ethereum serves as that settlement layer… You know Ethereum settled more transactions than Visa year-to-year over the last year. “I think one of those things where mass adoption with Ethereum just because of the security and the value locked into it is going to be a driver of people using it to do business,” Shuttleworth later said.

Shuttleworth further noted that post-merge Ethereum currently faces stiff competition from other projects, but it does have the potential to outplay them all.

The DeFi economist further stated how Ethereum’s mass adoption can only be triggered after the settlement of certain macroeconomic factors.

“Macro conditions need to calm down before we see almost mass adoption and mass inflow into the ecosystem. Increasing interest rates can have a silver lining for DeFi and that, particularly with Ethereum, assuming that the network transaction pace heats up a little bit I think you will see it starts to become deflationary. When it becomes deflationary, that’s when it becomes super attractive to institutions,” Shuttleworth told Kitco

Shuttleworth also stressed the deflationary aspect of Ethereum, adding that post-merge Ethereum can attract more validators, which can boost its popularity to a whole new level.

“I think you will see it when it starts to become deflationary. That’s when you kind of see it becomes super attractive to institutions where they know they can kind of become validators in some way and participate in professional staking services. But they can earn a yield despite current inflation.” Shuttleworth added 

Ethereum’s recent merge upgrade was one of the most hyped crypto events of the year. The upgrade was dubbed significant for the blockchain as it helped Ethereum transition from its earlier proof-of-work consensus to proof-of-stake, slashing the network’s overall energy consumption by almost 70–80%. However, the deflationary aspect of the merge has yet to impact the prices of Ethereum directly. The ongoing crypto winter has encapsulated the entire crypto market, which is currently undergoing a significant price meltdown. At press time, Ethereum is down 1.04% in the last 24 hours and is trading at $1,32, while Bitcoin is trading at $19,485.

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