Developer shares insights on ETH 2.0 and why he’s ‘feeling good about Ethereum right now’

Ethereum

Ethereum’s market cap has fallen below $ 500 billion at the time of publication. Needless to say that Ethereum’s short-term weakness doesn’t really bother its long-term investors as it still holds over $166 billion in TVL.

What is coming?

Well, the network is gearing up for ETH 2.0, its biggest upgrade since 2015. As per developer Tim Beiko, both ETH 1.0 and ETH 2.0 teams worked together in October on the prototypes for the transition. With most of the “specs in place,” Beiko explained what was to come in an interview.

“What we’re doing during November is we’re trying to have these very short-lived test nets.”

But, even before that, the ETH 2.0 repository Contract has exceeded the stake value of 100,000 ETH.

With the confidence in the market, Beiko also hoped that they have something substantial before the December holidays. Beiko is referring to the Arrow Glacier upgrade set to take place on December 8, 2021. The developer commented that the Ethereum community is interacting to understand the changes that are to come. With this, the “Fusion” milestone is closer than ever. But, when is this scheduled? Beiko replied,

“Next year, for sure.”

Additionally, Beiko added that if the codes are completed by February, the merger is expected to start somewhere in April or May. He also said,

“It’s hard to give it a specific date just yet because if we find a major bug or something that takes us three weeks to fix you know, that delays things by three weeks.”

Nonetheless, the chairman of all the main developers of the Ethereum Foundation seems quite optimistic.

“I’m feeling pretty good about Ethereum right now”

100 days of EIP-1559

With ETH 2.0 in focus, EIP-1559 deserves a mention which took place on August 5 of this year. According to Christine Kim, a Research Associate at Galaxy Digital,  “EIP1559 has saved users a total of $844 million in transaction fees through base fee refunds” since its activation.

The improvement proposal is seen as an important step as it is about to start a deflationary trend on Ethereum. Kim added,

“56% of new coins issued on #Ethereum has been offset by the amount of $ETH burned through base fees.”

However, there are still gaps in the existing network. The researcher noted that the “average cost of sending a transaction on Ethereum has continued to climb.” While this hasn’t reduced miners’ incomes, high fees remain an issue for Ethereum, according to Kim.

” Despite lower earnings from transaction fees, total miner revenue in dollar terms has increased 33%.

In this context, Beiko accepted the costs,

“I think we’re on the right path… If I could accelerate something it would be better tooling and migrations around layer 2. I think the fees on Ethereum are quite high right now. “

That said, Real Vision founder and investor Raoul Pal is seeing an Ethereum spike of up to 300% by the end of December. He predicted,

“Now, I don’t expect perfection but with all the other analysis I have done, something like a 100% to 300% rally is highly probable into year end.”

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