• Ethereum 2.0 is billed as the single-largest change in the history of the blockchain
• The upgrade, set to be rolled out in phases, will involve migration from the current proof-of-work system to the proof-of-stake protocol
• ETH 2.0 will also cap the supply of Ether, the network’s native token, potentially triggering price increases via scarcity 
• BIT Mining Ltd. believes the proof-of-work and proof-of-stake systems will coexist

The Ethereum blockchain has long been a victim of its own success. Having lured software developers who built decentralized applications on top of the network, Ethereum has been accounting for the vast majority of total transaction volume within the decentralized finance (“DeFi”) space. While desirable, this market share catalyzed network congestion that has continuously pushed transaction fees (known as gas prices within the crypto market) upwards, slowed the transaction speeds, and led to the rise of competing blockchains. 

According to the latest statistics from YCharts, the average Ethereum gas price was $28.80 on May 15, down from a high of $474.57 on May 1 and $81.30 a year ago. The figures represent a sharp rise from a range of between $2 and $4 in late 2020. Even at its cheapest, Ethereum was still more expensive than…

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