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Shopify CEO Bullish on Defi, Says Ethereum Smart Contracts are Fascinating

Shopify CEO Tobi Lutke is bullish on Defi and even asked Twitter users to suggest any commercial opportuites in Defi space that his company can be a part of. Shopify, an e-commerce platform already allows for crypto payments via Bitcoin, Ether and a few other cryptocurrencies via payment integration since 2014 making it among the early adopters.

Lutke who seems quite enquistive and aware about the critical changes going around the payment industry and want Shopify to remain ahead of the curve. He said,

Shopify is a product of pre-crypto times and spiritually aligned with decentralizing opportunity. Over a million businesses use us around the world.

It all began with his facination for Ethereum smart contracts and exploration around ERC-20 ecosystem where he wanted to understand how smart contracts are used in the ERC-20 ecosystem. He said,

Speaking of crypto though- I spent the morning dabbling with ETH Smart Contracts. Mainly to understand how ERC20 works better. Fascinating world.

The CEO also went around asking about use of Oracles in the crypto space and talked about EIS Uniswap protocol as well.

Ether Breaches ATH; EIP-1559 Could be The Reason

The second largest cryptocurrency by market cap recorded new ATH of $2,143, and many beleive the recent price rise was fueld by the  EIP-1559 apporval for London Hard fork. The improvement proposal would try to reduce the mounting gas fee problem by constraning transaction fee. Instead of miners selecting the transaction with higher gas fee, the network would assign transactions with a base fee and offer a tip on their verification. This proposal was declined by Miners but given a greenlight by developers instead.

ETH was in consolidation phase for over a month after recording its previous ATH just above $2,000. The recent surge in price is also being attributed to ETH/BTC pair breaking key resistance level of $0.03 and Bitcoin market dominance declining under 60%.

Prashant Jha

An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

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