Ethereum 2.0 Likely to Affect DeFi and DApps With PoS Introduction

The first stage of Ethereum 2.0 is almost here, but how will the DApp and DeFi space adapt to this change?
While Ethereum has brought about a whole new realm of possibilities due to its native token Ether (ETH) and its smart contract and tokenization capabilities, it is often faced with challenges such as network congestion, relatively low transaction times and throughput, large blockchain size and excessive electricity use for mining  all issues Bitcoin also shares.
While Bitcoin (BTC) was created by an anonymous developer that left the network to be developed by its capable community, Ethereum was always envisioned with a roadmap and a team behind it.

While the plan has been subject to changes and delays, Ethereum has always meant to implement certain measures to combat all of the aforementioned issues, much like the developer community has done with Bitcoin and updates such as Segregated Witness.

Ethereum was created in several stages, many of which have been implemented, but Serenity  or Ethereum 2.0  is particularly important for the network and community because it will bring about some of the biggest changes in the network, including proof-of-stake and sharding updates.

 

 With the Ethereum network use falling so heavily on the decentralized finance and distributed application ecosystem, many wonder what will happen to the DeFi ecosystem as the Ethereum 2.0 update is rolled out.

What is Ethereum 2.0?

Ethereum 2.0 is set to launch in the second half of 2020, following its announcement in 2018 and launch delays in 2019 and 2020.
 The first stage is currently known as “Phase 0” and will see the launch of the Beacon Chain, the blockchain on which the first iteration of Ethereum’s PoS consensus model will be implemented.
 The second stage, “Phase 1,” will bring the implementation of shard chains that are compatible with each other and can be used simultaneously.

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