Sam Bankman-Fried, founder and CEO of Bitcoin (BTC) exchange FTX, stated in a podcast that he participated in a podcast that the combination of Ethereum (ETH) and DeFi would negatively affect the DeFi project.
Sam Bankman-Fried, who participated in the Defiant Podcast organized by journalist Camila Russo, expressed his thoughts on the ETH 2.0 update. According to Bankman-Fried, the Ethereum blockchain limits the development of DeFi. In addition, Bankman-Fried made statements that the ETH 2.0 update will not provide sufficient improvements.
“Ethereum may not remove DeFi in the future”
Bankman-Fried has a DeFi project called Serum. Speaking about the project on the Solana blockchain, the CEO announced that they have conducted tests on more than 30 blockchains, including ETH, before making a decision on Solana.
Bankman-Fried said that they decided on Solana due to infrastructure and speed factors. Solana CEO Anatoly Yakovenko, who was on the air with him, also declared that Ethereum is very poor in design.
Also, Bankman-Fried stated that DeFi should be moved from the Ethereum blockchain. Even the ETH 2.0 update, which is expected to arrive in the near future but the release date is not yet clear, may not remove DeFi in the coming days.
Stating that DeFi will be used by billions of people one day, Bankman-Fried stated that even the Ethereum 2.0 update will not provide enough capacity for DeFi, and stated that a system that is million times faster than Ethereum is needed.
ETH 2.0 has many advantages over Vitalik Buterin
Sam Bankman-Fried may be critical of Ethereum, but Ethereum founder Vitalik Buterin recently shared the benefits of the ETH 2.0 update. Buterin stated that the proof-of-stake infrastructure that will be upgraded with the update offers higher security than the current proof-of-work. Additionally, Buterin explained that the ETH 2.0 software that will work with PoS is designed to be run on even a simple laptop.
Buterin announced the December 1 announcement for the ETH 2.0 date. However, stating that this date is not certain, Buterin also warned the Ethereum community to be ready for any changes. A recent review indicates that the most optimistic date for the transition to the update is January 23.