Ethereum’s network looks all set for the year 2022 and for the years to come, as per a new report released by a16zcrypto. The 2022 State of Crypto report discussed the trend lines of the crypto-industry and the development of Web3.
At the heart of it is Ethereum with its smart contract platforms that have spread in diverse ways.
How does ETH dominate Web3?
Ethereum has gradually developed as the leading altcoin network in Web3. Acolytes of the token consider ETH to tip Bitcoin soon after the release of ‘The Merge’ which has since been delayed. Ethereum continues to attract developers across the Web3, but there is an emerging shift of power.
The rise of the so-called “Ethereum Killers” is evident here in the following chart. Solana, Polygon, BNB Chain, Avalanche and Fantom are advised by experts to continue on the trajectory of Ethereum.
One important thing to note here is the eagerness of users to pay more than high transaction fees just to use the blockchain. According to the report, users pay a daily average fees of more than $15 million for using the Ethereum network. Ethereum’s overwhelming mindshare helps explain why users pay such high fees with the network having nearly 4,000 monthly active developers.
In comparison, Solana has 1,000 while Bitcoin is further behind with 500 active developers.
Despite news suggesting a dip in recent NFT trades, the larger marketplace remains hot. We are on track to see the beginning of mainstream adoption as demand resurfaces after the market recovers. Ethereum leads NFT sales volume among other blockchains by a considerable degree.
Ethereum shows an NFT sales volume of $26.9 billion, with Ronin trailing far behind with a market worth $4 billion.
Despite all these developments, Buterin shared a cryptic thread talking about “open” ideas he is considering right now.
The Buterin thread of cryptic tweets
Vitalik Buterin published a thread on Twitter discussing his ongoing “contradictions” regarding Ethereum development. The thread he posted has raised many eyebrows in the community, with Buterin offering possibilities he is currently considering.
He begins with the contradiction of creating a blockchain similar to Bitcoin with long-term stability. But for that, a carefully laid out and coordinated strategy of short-term changes would be essential. With the launch of ‘The Merge’ all set for the latter half of 2022, this tweet could be directly referring to the launch event. Alas, there is limited clarity on the matter here.
In other Tweeter, he referred to the politicization of cryptocurrencies. As Buterin wants to see radical policies in “crypto-countries”, he does not want to see the centralization of blockchain networks.
Surely, decentralization is a huge concern for him from this tweet after seeing regulatory policies clamp down on crypto.
