According to, total fees paid on Ethereum (ETH) network surpassed $1.7 million over the last week, compared to $713,000 by Bitcoin (BTC). While Ethereum fees have historically been under $0.50 for most of 2020, fees spiked as high as $4.00 for a full 24 hour period in June 2020, and then spiked as high as $6.50 in August 2020, thanks in part to the hype of "defi summer". Thankfully, the launch of Ethereum 2.0 plans to implement a new Proof of Stake (PoS) consensus mechanism that will replace its current Proof of Work (PoW) architecture and introduce shard chains. The new economic incentive structure replaces miners and electricity with validators and staking to help reduce electricity costs needed for hashing power and allow miners to stake (or freeze) ETH tokens as "skin in the game" instead of burning useless electricity. With Ethereum 1.0, the network can only support about 30 transactions per second (TPS), causing massive network congestion, whereas Ethereum 2.0 promises up to 100,000 TPS. In PoW, miners run nodes and expend computational energy to solve complex math problems in a competition to mine the next block, which makes the network extremely secure, but they suffer from scalability and accessibility issues that appear to be solved with a new PoS consensus algorithm. Ethereum 2.0 is set to roll out in phases, beginning with Phase 0 in 2020, and Phase 1 as early as 2021. The total value locked in defi protocols is currently over $11 billion.