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It is common knowledge at this point that Proof-of-Work (PoW) is a dated technology. There are now many other consensus mechanisms that are vastly superior in terms of cost, throughput, and sustainability.
The Ethereum blockchain is suffering from the shortcomings of PoW, caused in part by the explosion of DeFi over the last year. Congestion reached a climax in May with some smart contract transactions costing hundreds of dollars and smaller investors being completely priced out as a result.
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