Vitalik Buterin claimed that the Ethereum (): A series of important developmentsETHIn recent months, the fundamentals of network have been re-evaluated. “crazy strong.”
Buterin’s statement was made in response to the cEthereum is a currency that has been alleged to be backed by a claim “weakened a lot” In this cycle of the market, you can counter the narrative with a number of recent advances and accomplishments in the ecosystem.
Strong fundamentals
Buterin highlighted the reduction in Layer 2 solutions (L2) transaction fees, with an average now below $0.01. The Ethereum network is now more affordable and accessible for its users.
Onchain data Shows that Ethereum L2 Arbitrum has seen its fees drop from $0.50 to $0.01-$0.004 in mid-April.
The daily transactions have consistently exceeded 1 million. This eliminates any possibility of a fee reduction based on lack of activity. Other Ethereum L2s like Linea, Starknet, or zkSync Era have similar trends.
Buterin attributed this shift in fee prices to the implementation of EIP-4844 and the introduction of dedicated block spaces — called “blobs” — for data sent from L2 blockchains on Mar. 13.
He also emphasized that Optimism, and Arbitrum have both reached significant milestones of their development. “Stage 1.” Buterin stated that these platforms were essential for Ethereum’s scaling strategy. They offer faster and cheaper transaction while preserving the decentralization and security of the Ethereum main network.
Technology is improving
Buterin highlighted that, in addition to technological advances, cross-L2 Wallets now have a better user experience and require less manual input when switching networks. The enhancement makes the Ethereum ecosystem more user-friendly by simplifying interactions.
Buterin continued to emphasize the maturing of Zero-Knowledge Technology (ZK), which has grown more powerful for developers who create decentralized applications.
He said that Ethereum continues to innovate in terms of privacy and security.
Buterin stated that Ethereum’s expanding ecosystem of identity, reputation and credentials, which has seen increased adoption, practical use and is becoming more widely used, would be another important driver for adoption. Buterin also stressed the significant progress made in developing STARKs, which is vital for Ethereum’s security and decentralization objectives.
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Source: cryptoslate.com