Hal Press, a former executive of Maverick Capital and the creator of North Rock Digital, is certain that years of research and development have greatly contributed to Ethereum’s (ETH) current remarkable position in Web3.
“Not accident”: North Rock Digital’s Press on supremacy of post-Shanghai Ethereum (ETH)
For all top-tier on-chain actors in the market, Ethereum (ETH) became a “unquestionable arena.” This was not made feasible by short-term speculative catalysts; rather, it was made possible by the creators’ tireless effort over many years. Hal Press, the director of North Rock Digital asset management, said this.
Press yesterday, May 5, 2023, tweeted a strong compliment for Ethereum (ETH) developers. He also emphasised the significance of the Shanghai upgrade’s success in ETH dominance.
On April 12, 2023, the Shapella upgrade—of which Shanghai is a crucial component—took occurred. It allowed Ethers (ETH) to be taken out of its proof-of-stake (PoS) deposit contract.
This upgrade was widely hailed as the most significant turning point in Ethereum’s (ETH) transition from proof-of-work to proof-of-stake consensus. As the second-largest crypto asset, ETH tokenomics, it is also of the utmost importance.
As previously reported by U.Today, Press called Sui Network’s (SUI) eagerly awaited presale campaign “complete vaporware.”
Shanghai makes Ethereum (ETH) stronger than ever before, analysts say
Prior to Shanghai activation, mainstream crypto fans were worried about it because it may lead to extremely high selling pressure. However, a lot of highly regarded experts made positive forecasts for the event in Q1, 2022.
For instance, the team at Glassnode released a thorough research that calculated the highest possible harm for the price of Ethereum (ETH): Due to the few withdrawal chances and inconsistent motivation of different investment groups, it could not, at worst, rise over 8%.
Additionally, Chris Burniske, a blockchain expert, stated that the chance to unstake Ether (ETH) from the deposit contract is a fantastic derisking event for investors with deposits of various amounts’ longterm strategies.
