Bitcoin and Ethereum have been having a rough week. The primary cryptocurrency recently dipped to $59K before finding its footing at $60K. On the other hand, Ethereum is currently trading at a monthly low of $4300.
The founder of ConsenSys, also Ethereum’s co-founder, Joe Lubin, spoke about this development in an interview with Bloomberg stating that volatility in Q4 was higher, hence the dips across the market.
The DeFi and NFT sector have grown
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Lubin also spoke of a shift in the decentralized finance (DeFi) sector and the non-fungible token (NFT) sector. According to Lubin, the boom of NFTs was “just spectacular.” NFTs have enjoyed major growth this year, with the boom finding its way across different sectors, including sports, entertainment and art.
Lubin further noted that DeFi had grown to currently feature the DeFi 2.0, which was a more “sustainable approach” to this ecosystem. He also stated that DeFi institutions were starting to have a major impact across the sector, a major development across the crypto sector.
Among the developments that have happened across the decentralized sector include creating democratization and a trust foundation that transformed the decentralized finance sector.
ConsenSys working on Web 3 and the Metaverse
Lubin also mentioned the role that ConsenSys is playing in developing Web 3 and joining the Metaverse. Lubin stated that ConsenSys would build a “consumer-focused Metaverse” that is powered by blockchain.
He noted that a Metaverse that is powered through blockchain would function like decentralized application protocols and involve the tokenization of many different things. This Metaverse would also offer decentralized governance and boost engagements through user-centric social platforms.
The Metaverse and Web 3 have been heated topics across the crypto and technological sectors of late, and with top firms such as Facebook and Microsoft joining the Metaverse, many developers are now exploring this area to tap into the growth.
Lubin also spoke on the issue of Solana being an Ethereum killer. He noted that Solana (SOL/USD) and other similar blockchain networks were not competing with Ethereum (ETH/USD) but with other layer two solutions. He further noted that such protocols were focused on execution and not on security and data availability.
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