Ethereum’s 6th Anniversary Gushes The Market With An Expectant Upgrade
The Ethereum blockchain has been a powerhouse to NFTs, DAOS, and DeFi with an innovative revolution, ever since its launch in 2015. What’s next?
A significant upgrade gushes the market with anticipation and eagerness. Developers are in high hopes of availing the opportunity to participate in the upgrade.
- Ethereum stands tall as the largest cryptocurrency in terms of market cap, following Bitcoin.
- ETH originated on 30th July 2015.
- After its release, several protocols are using its network.
30th July 2015 marked the date when Ethereum was first released, coined as “Frontier” at that initial phase.
Fast-forward to 2021, these six years, the network has endured an untimely vicious attack, a controversial fork, and yet erected a market cap worth $278 billion.
However, the sixth anniversary will be the last of Ethereum 1.0. It is scheduled for an Ethereum 2.0 replacement that will introduce a swift, spacious, and energy-efficient version by early 2022.
It was about time the upgrade was initiated with the constant endeavors the network has been putting in to keep up to its goals.
The DeFi applications erupted last summer after deriving ignorance over the years. DeFi, an abbreviation for decentralized finance, enables borrowing, lending, and trading in cryptocurrency without third-party custody executions.
Ethereum-based DeFi protocols drew $4 billion worth of assets last year, further accelerating over $60 billion only within a span of a year.
This massive change overpowered the network that was assembled to handle a total of 15 transactions each second. In addition, Ethereum’s smart contract shows consistent usage across other protocols, which has slacked down the network and raised the transaction fees.
Simultaneously, NFTs continue to remain confined with Ethereum. ((NFTs)Non-fungible tokens are purchases from blockchain linking to any physical or digital form of an asset) The psychological reasoning being that NFTs first kick-started with Ethereum and continues residing by it as its place of emergence.
After Cryptokitties (a formerly known NFT that arose long before the abbreviation “NFT” gained popularity), the market bloomed exceptionally after a period of three years. This, however, created chaos once the network ended up crashing.
NFTs reportedly topped up voluminous sales worth $2.5 billion within the initial half of 2021. The majority of the sales were directed via Ethereum.
DAOs (Decentralized autonomous organizations) are witnessing a revival. DAOs enable people’s participation within the decision-making process for a business, protocol, or other additional organizations with the assistance of tokens.
Amusingly, a DAO that underestimated Ethereum’s aspirations back in 2016 when it fetched $12.7 million Ethers. Its value was worth $150 million at that point and now hoists up to $30.4 billion. It stood exploited back in time.
With millions of stolen ETH, the attack resulted in the blockchain division. The division generated two camps; the Ethereum that was invalidated and the Ethereum classic that was exploited.
Despite the hurdles, Ethereum kept on with its abundance of users. It has also succeeded at surging its price along the way. Compared to its worth at this point last year, it now unfolds a value of $2,400, ascending six times in numbers.
Once Ethereum releases its robust 2.0 network model, it’ll leave an unprecedented dent in its history, without any eliminations, in the right retrospections and blockchain trend.
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