Disclosure: This article is written by an individual and does not reflect the opinions or views of Crypto.news.
The purge, the splurge, and the scourge—these are the terms the eponymous co-founder of Ethereum, Vitalik ButerinThe term ‘upcoming changes’ is used to describe these changes. Ethereum At a recent London event.
Weekly, #hashtag hearsay is a column that features scoops, stories, and news shaping the cryptocurrency world. You can email Dorian Batycka if you want to share a tip. [email protected]
The Ethereum Community and Beyond gathered in London on March 14 to celebrate the launch of Ethereum. ETHGlobalThe Pragma Conference. Spearheaded by speakers like Vitalik Buterin and fellow Ethereum researcher Justin Drake, Chainlink’s Sergey Nazarov, and Lens Protocol’s Stani Kulechov, the event took place in Christ Church Spitalfields, with attendees—including myself—anxious to know where Ethereum is headed post-Dencun upgrade.
Buterin started by saying that “the Ethereum ecosystem is in the process of making a very big transition.”
Buterin said that this shift will be from the focus of layer-1s and developer-centric advances to layer-2 solutions like Arbitrum and Optimism, which are aimed at enhancing usability.
“The way that I see it is that the first decade of Ethereum is this kind of mostly inwardly focused ecosystem, developing things for itself, focused on being tech geeks, trying to satisfy tech geeks and creating beautiful technology. But the second decade of Ethereum needs to actually have a big impact on the real world.”
Vitalik Buterin
The roll-ups are a crucial player in the transition. They process and store data from a sidechain prior to bundling or combining. “rolling up”The main Ethereum blockchain allows for the consolidation of all transactions, thereby enhancing security and scalability.
Buterin states that what is meant by “what’s” next It is time to move on from the old paradigms and embrace a new one that’s more user-friendly, scalable, and secure. Dencun upgrade, which saw some L2s like Starknet’s gas fees reduced by as much as 99%, Ethereum’s stride towards achieving basic roll-up scaling—a leap made possible through advancements in technology like EIP-4844 and the roll-up technology spearheaded by teams like Arbitrum, will now shift focus to allow for more user-friendly applications to take root on Ethereum.
“We have officially hit basic roll-up scaling, but we still have full roll-up scaling to go,” Buterin said that this was the beginning of the journey to unlocking Ethereum’s full scalability.
The scourge, the purge and the splurge
Buterin warned that there is more to the story. work It is not enough. He called it the “purge.”
“We do not want the Ethereum protocol to be something that just keeps on accumulating junk,” Buterin emphasized the need for a flexible and lean blockchain protocol to ensure Ethereum’s success in the future. “We want Ethereum to become cleaner, and this is what the purge is about; it’s about making users’ lives easier.”
“Then you have the splurge,” Buterin said. “Account abstraction, Ethereum Virtual Machine (EVM) improvements, making the EVM more friendly to advanced cryptography.”
Buterin also described the “scourge […] which is dealing with economic centralization risk and mitigating it.” Buterin said liquid staking and searchers for maximum extractable value were two of the methods that he used to refer to. next Ethereum Upgrades will occur in Phases work On mitigating risks associated with economic centralization.
There is an elephant in the living room
Ethereum is often the elephant in any room when it comes to conferences. Solana.
DefiLlama data shows that over the past four months Solana outperformed DEX in volume. It recorded a volume total of $98.54 Billion. It is a stark contrast to Ethereum’s mainnet, which has a volume of only $32.16billion. This does not reach even one third of Solana. Taken together, all Ethereum solutions L2 only reach $67.31billion. This clearly shows the dominant position of Solana.
BSC has made occasional appearances and Solana is consistently the leader in terms of volume.
Ethereum advocates may continue to believe in their story, but numbers tell a completely different tale. Ethereum’s upgrades may appear to be catching up, but that is not the case.
Justin Drake, researcher at Ethereum Foundation, believes the potential for Ethereum sharding, and the sharing of infrastructure components such as settlements and data accessibility, will ultimately enhance the performance of the network. Drake introduced shared sequencing and execution, a forward-looking innovation designed to increase Ethereum’s efficiency and composability. He compared the development to blockchains with low network fees like Solana. “In some sense, we’re trying to recreate the user experience of Solana low latency user experience with synchronous composability on Ethereum,” Drake said.
A theme that was repeated at Pragma London, beyond the technological developments, was the idea of moving away from Ethereum’s technology-centric approach and focusing on user-friendly, accessible applications for the end users.
Post-Dencun usability
Pedro Gomes of Wallet Connect said that “user experience-focused upgrades need to happen within Ethereum,” A claim that was also echoed in other speeches. Nick Johnson is the founder of Ethereum Naming Service, which just launched. inked a deal with GoDaddy“, said that “naming is ultimately a usability issue.” Anurag Arjun – founder of Avail, and former Polygon developer – believes that rollups can lead to a better user experience. “I am very bullish on app-specific roll-ups, roll-ups that become mature to a point when app devs will find them easy to use and integrate almost seamlessly.”
What is the meaning of this update for Ethereum post Dencun? Ethereum’s history and trajectory towards a more secure, scalable, and accessible future serves as a constant reminder of blockchain’s fundamental goals. Ethereum’s decentralized nature is not the only goal. It must also evolve to serve the growing needs of the digital ecosystem and its community. As Ethereum continues on its roadmap, the numerous challenges ahead—not least of which include formidable competition from Solana—remain plentiful.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: crypto.news