Why does Ethereum need to evolve?
Since the birth of the Ethereum network, decentralized applications (DApp) and blockchain innovations built on it have grown exponentially. Especially in the field of decentralized finance (DeFi), many groundbreaking financial products have chosen to build on Ethereum. However, this success has also brought challenges.
As the number of users and transaction volume continues to rise, network congestion has become inevitable. Each transaction requires payment of gas fees, and the rate of fee increase far exceeds user expectations. If Ethereum is to become the infrastructure of the next generation of the internet, it must solve this fundamental economic issue. Otherwise, large-scale applications will only remain a wish. This is the reason why ETH 2.0 has emerged.
ETH 2.0: A Comprehensive Network Revolution
Ethereum 2.0 (also known as Eth2 or "Serenity") is not just a simple software update.