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Ethereum has made significant progress in becoming a more efficient data availability [DA] layer for roll-up, thanks to advancements like Dencun and EIP 4844. However, this transition brings its tradeoffs. As per Galaxy expert, Christine Kim, this shift comes at a cost to protocol revenue and has not entirely solved the issue of high DA […]
The Ethereum ecosystem is experiencing a historic drop in gas fees, which is impacting both mainnet and Layer 2 transactions. According to Etherscan Gas Tracker, the average gas fee on the mainnet stands at 4 Gwei at press time, approximately $0.21. However, transactions can be processed for as low as 3 Gwei, or around $0.14. […]
The post Ethereum supply turns inflationary as gas fees drop to record lows appeared first on CryptoSlate.
This marks the first period of Ethereum becoming inflationary in the past year and a half since the Merge took place.
According to the Glassnode weekly insight report, in the first quarter of 2024, there were a number of key developments that have been reshaping Ethereum. These changes have influenced Ethereums technical capabilities as well as its market dynamics and investment activities. One such development during this period was implementing the Dencun upgrade aimed at enhancing […]
The Ethereum liquidity staking protocol Rocket Pool is on the brink of a massive transformation with the incoming Dencun upgrade. As one community advocate points out, this change is primarily due to the enhancements the Houston upgrade will tag. Eyes On Dencun Upgrade In a recent post on X, the advocate explained that the Dencun upgrade, scheduled [...]
The post Rocket Pool Stands To Reap Big From Ethereums Dencun Upgrade, RPL Flying appeared first on Crypto Breaking News.
The ETH price could reach $5000 in the next few days. Let's take a look at this Ethereum price prediction in more detail.
Ye Zhang, the co-founder of Scroll, a layer-2 project using zero-knowledge proof, is cautiously optimistic about the upcoming Dencun upgrade. In a post on X, Zhang pointed out Dencuns potential benefits, particularly the low transaction fees. However, in the same post, the co-founder highlighted the likely challenges it could present for existing layer-2 scaling solutions using roll-ups. [...]
The post Ethereum Plans For Dencun Upgrade: Is This The End Of Roll-Ups? appeared first on Crypto Breaking News.
Ahead of Ethereum's major Dencun upgrade, Binance has launched a trading promotion with $60,000 in rewards for users who trade ETH and other ecosystem tokens. (Read More)
Ethereum co-founder Vitalik Buterin discusses Dencun hard fork activation and blobs' impact on ecosystem, discussing Ethereum's long-term scaling roadmap and future direction. (Read More)
Following the debut of the Dencun upgrade and Ethereum blobs, enthusiasts have devised methods to embed data akin to how Ordinal inscriptions operate. Since this development, inscription-based activities now account for over 40% of blob transactions, leading to a significant increase in network activity. This uptick has resulted in a congestion of blob transactions, pushing [...]
The post Ethereum Blob Inscriptions Exceed 40%, Triggering Unprecedented Blob Contention appeared first on Crypto Breaking News.
The Ethereum core developers behind this campaign claim that the goal of raising the has limit is to reduce transaction fees on L1s.
The Ethereum network recently underwent a major Dencun upgrade. While this promises exciting developments, it also brings potential risks that merit a closer look. According to data from CryptoQuant, one of Dencun’s big impacts is reducing Ethereum’s total token supply. We’re seeing this driven by the incredible amount of network activity and transaction fees getting […]
The highly anticipated launch of the Dencun upgrade for Ethereum finally occurred on March 13. This led to a drop in price by 7% from $4,082 to $3,656 as per CoinMarketCap data. However, during these periods of time, Ethereum was not operating under the same network conditions when it had croosed above $4,000 in late […]
Ethereum rollups, the layer 2 scaling structures, have started reaping the benefits of the recently applied Dencun upgrade. The update, which included EIP-4844, also known as Proto-Danksharding, has allowed transaction fees to decrease by 99% in some cases, with Arbitrum, Base, Optimism, and Starknet becoming cheaper across the board. Ethereum Dencun Upgrade Reduced Rollup Fees [...]
The post Ethereum Rollups Start Reaping Dencun Benefits: 99% Fee Drops Reported in Some Cases appeared first on Crypto Breaking News.
In a surprising turn of events, Ethereum users are experiencing a substantial 95% decrease in average gas fees. This shift comes as a relief to the community, which has long been struggling with high transaction costs on the network. Gas fees on Ethereum have been a point of contention for many users, often reaching exorbitant [...]
The post Massive 95% Drop in Ethereum Gas Fees One Year After Dencun Upgrade appeared first on Crypto Breaking News.
Ethereum (ETH) is poised for a notable improvement with the impending Dencun upgrade to enhance the networks scalability. However, amidst this anticipation, QCP Capital, a seasoned crypto asset trading firm, has shed light on an emerging trend that might influence Ethereums price trajectory. The firms analysis reveals a shift in risk reversals for Ethereum, turning [...]
The post Market Alert: Ethereum Faces Potential Downfall As Dencun Upgrade Looms Heres Why appeared first on Crypto Breaking News.
Ethereum (ETH) has completed a major software upgrade, Dencun, that promises to make utilizing the network ecosystem more cost-effective. This update specifically targets Layer 2 (L2) networks, such as Arbitrum (ARB), Polygon (MATIC), and Coinbases Base, which are interconnected with Ethereum. With Dencun, transaction costs on these networks have significantly decreased, with fees dropping from [...]
The post Dencun Upgrade Officially Deployed On Ethereum Mainnet, ETH Price Holds Steady Below $4,000 appeared first on Crypto Breaking News.
Ethereum (ETH) experienced a euphoric surge in interest as bullish sentiment enveloped the crypto sector. The recent approval of the Bitcoin ETF served as a catalyst, propelling Ethereum’s price to new heights. However, as the thrilling ride continues, concerns are emerging regarding the sustainability of this upward trajectory. Related Reading: Number Of Ethereum Short-Term Holders Increasing Is A Bull Rally Next? Increased Demand For Put Options Fuels Market Correction Jitters Investors are flexing their risk management muscles as they flock towards put options, seeking to protect their gains from potential losses. The mounting demand for these safeguards indicates a shift in sentiment towards a more cautious and bearish outlook for Ethereum. With significant leverage in the market, speculators are wary of a potential correction that could dampen the party atmosphere. Dencun Upgrade Looms: Anxiety Surrounds Ethereum’s Future All eyes are on the upcoming Dencun upgrade, set to revolutionize the Ethereum ecosystem. However, the anxiety surrounding this crucial development is palpable. Past upgrades, such as the ill-fated Merge update, which aimed to transition Ethereum to a Proof of Stake network, resulted in a massive correction. As anticipation builds, the market braces itself for the impact this upgrade could have on Ethereum’s price and sentiment. Influx Of Funds Bolsters Market, Ethereum ETF Remains A Wild Card Amidst the uncertainties, the crypto market experiences an awe-inspiring influx of approximately $83 billion, with Bitcoin and Ethereum accounting for a staggering $75 billion of that total. This considerable investment, as revealed by popular crypto analyst Ali Martinez, signifies growing interest and confidence in digital assets. The influx of funds further bolsters the market, while the uncertain approval of an Ethereum ETF continues to be a wild card that could reshape Ethereum’s future. Ether market cap currently at $477 billion. Chart: TradingView.com Ethereum’s Price Soars, Traders Eyeing New Milestones As the rollercoaster ride continues, Ethereum’s price skyrockets, surpassing $4,000 and igniting the imagination of traders. The sentiment surrounding the Dencun hard fork upgrade is a driving force behind this surge. With expectations set high, traders are eagerly eyeing a monumental milestone of $5,000 post-upgrade. The reduction in transaction fees promised by the upgrade further fuels optimism among ETH enthusiasts. Navigating Uncertainty: A Balancing Act For Ethereum’s Future In the midst of this thrilling ride, Ethereum finds itself caught in a delicate balancing act. The uncertainty surrounding the approval of Ethereum ETF applications adds an additional layer of complexity to the market dynamics. While the odds may have dropped, the impact of an ETF approval, as highlighted by Ali Martinez, cannot be underestimated. It could potentially propel Ethereum’s adoption and trigger a surge in price. Source: Santiment Meanwhile, new addresses were still becoming interested in Ether. Alongside that, the overall count of holders who were amassing ETH had also increased. Related Reading: Cardano (ADA) Price Alert: Analyst Predicts 60% Rally In Next 7 Days Amidst Ethereum’s exhilarating climb past $4,000, the question lingers: Is this euphoria sustainable or a false dawn? With concerns of a potential market correction and uncertainty surrounding Ethereum ETF approval, the party’s fate hangs in the balance. Featured image from Pinterest/Pexels, chart from TradingView
A recent report from QCP revealed that Ethereum’s risk reversals for short-term option expiries have flipped into negative territory. This rather opaque metric actually provides an intriguing window into market sentiment. The risk reversal compares the implied volatility priced into call options versus put options. A negative reading indicates traders see a greater risk of […]
The highly anticipated Dencun upgrade for the Ethereum (ETH) ecosystem is on the horizon, promising to bring significant cost reductions and notable changes to Layer 2 (L2) networks. The update, scheduled for March 13, will introduce a new data storage system known as blobs, reducing congestion on the Ethereum network and driving key new features in various areas. Ethereum Dencun Upgrade As highlighted in a recent Bloomberg report, Dencun aims to reduce the cost of Layer 2 networks such as Arbitrum (ABR), Polygon (MATIC), and Coinbase’s Base by enabling previously costly transactions to become significantly cheaper. In particular, transactions that used to cost $1 can now cost as little as one cent, the report notes, while others that used to cost cents can be reduced to a fraction of a cent. This cost reduction is expected to improve the end-user experience greatly and is a significant improvement over previous upgrades such as the September 2022 Merge. Related Reading: Solana Demand Soars As Institutions Buy Up SOL At A Massive 870% Premium One of the most crucial aspects of the Dencun upgrade is the introduction of blobs, a new type of data repository for Layer 2 networks. Currently, Layer 2 blockchains store their data on the Ethereum network, leading to substantial storage costs passed on to applications and users. However, with blobs, Layer 2s will store their data for a significantly shorter period, about 18 days, resulting in lower costs. While this shift sacrifices storing a complete record of all transactions forever, it frees up more space on the Ethereum network for other transactions, reducing congestion. AI-Driven Trading Strategies According to the report, introducing blobs through the Dencun upgrade also paves the way for using artificial intelligence (AI) in various applications. For example, games can incorporate AI-driven non-player characters, enabling advanced gameplay capabilities and a deeper experience. In decentralized finance (DeFi), automated market makers can incorporate “complex trading strategies” driven by AI models. This newfound flexibility and complexity are expected to foster innovation and drive the development of advanced applications in the Ethereum ecosystem. In addition, the Dencun upgrade is expected to reduce the operating costs of Layer 2 chains significantly. Previously, launching and operating a Layer 2 project required considerable venture capital backing. However, Bloomberg reports that with the cost reductions brought about by Dencun, small teams may be able to launch and maintain Layer 2 chains. While the adoption of blobs and the associated cost advantages are expected to drive immediate benefits, it is worth noting that the cost of blobs may increase over time as demand grows. How Could Dencun Boost ETH Price? While the price of ETH has corrected by over 3% in the past 24 hours, resulting in a current trading price of $3,916, the Dencun upgrade holds the potential to have a positive impact on its price. The upgrade aims to significantly reduce costs for Layer 2 networks and enhance the overall user experience, making Ethereum a more appealing platform for decentralized applications (dApps) and other use cases. By lowering transaction fees and improving scalability, Dencun could attract more users and developers to the Ethereum ecosystem, potentially driving up demand for ETH tokens. Related Reading: Expect A Bitcoin Scarcity Crisis In 6 Months, BTC To $100,000? Despite the ongoing correction, it is worth noting that the current price of ETH is not far from its two-year high of $4,084. However, it’s important to consider that the price has formed a double top pattern on the daily time frame for two consecutive days, which may present a near-term hurdle for ETH’s price. The market’s reaction and the ability of ETH to surpass its nearest resistance level remain to be seen. Featured image from Shutterstock, chart from TradingView.com
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