Key Takeaways

After Ethereum underwent Dencun upgrade to increase scalability and efficiency, ETH price has been sluggish. Meanwhile, rival blockchainSolanais just 35% down from its all-time high. Is the upgrade givingSolanaa competitive edge?

Ethereums Dencun went live on March 13 and marked a major step in scalability. Ethereum co-founder Vitalik Buterin took toWarpcastto state that they have hit a goal of Basic rollup scaling, which means theyve improved how Ethereum handles a lot of transactions at once.

He continues to state that now ETH is moving on to work on two new things: verkle trees and history expiry.

Verkle trees will make it possible for validators to do their job without needing a lot of computer memory. This is like having a really efficient way to check and keep the network secure without taking up almost nil disk space on the nodes. It will also make it much quicker for someone to start participating in the network as a validator to support the network on their own (solo staking).

Ethereumdeveloper Tim Beiko took to X to state that Dencun update is one of the most complicated changes theyve made to Ethereum since the Merge.

Beiko notes that it also has as many individual updates, known as EIPs (Ethereum Improvement Proposals), as a previous major update called Byzantium.

Meanwhile, ETH price has taken a hit on March 14 and is trading under the psychological level of $4K at press time.

Solanaon the other hand has clocked in gains. As per CoinGecko data, SOL is trading 36% under its all-time high which was surpassed in 2021. It has gained at least 13% in the run-up to the upgrade in 7 days.

The introduction of EIP-4844 is a crucial update as it aims to alter how transaction fees are calculated and reduce costs for L2s. For instance, ArbOS Atlas is also bringing about reductions in fees for users of Arbitrum One. But what is noteworthy is the hike in dollars locked on Solana. In March, the ecofriendly chain has continued to increase its total value locked (TVL) and is inching closer to $4b.

In 7 days, Solana also experienced a positive shift in investor behavior. As per CoinShares data, it attracted $24m in inflows, despite recently facing a downturn in market confidence due to network outage.

Meanwhile,Ethereum, which has had a strong year in terms of attracting investments, witnessed a slight retreat with $2.1m leaving the platform during the same period.

The Ethereum Dencun upgrade sets new benchmarks for scalability and efficiency for L2. Meanwhile, despite the February outage in Solana, inflows continue to pour in for the eco-friendly chain. As Ethereum gears up for further upgrades,Solanais making waves, potentially shaking up the second-largest chain competitively.

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Ethereum Dencun Upgrade: Solana Reaction is a Competitive Stir - CCN.com

Last updated: January 22, 2024 03:11 EST | 1 min read

Last year in May, Ethereum co-founder Vitalik Buterin helped organize an exclusive two-month gathering called Zuzalu in Montenegro.

Around 200 invitees discussed topics like cryptography and longevity while enjoying dinners and swims along the Adriatic Sea coastline. Details were scarce, but the hush-hush retreat has now inspired a new initiativespinoff Zu-villages funded by Ethereum grants.

A recent post on the blockchain crowdfunding platform Gitcoin announced quarterly matching pools totaling 250 ETH, around $590,000 at current prices. This has fueled speculation that Zuzalu may reconvene this year.

The stated goals are advancing pop-up city events and supporting technology-driven projects. Recipients can tap into two pools166.5 ETH for events and 83.5 ETH for tech projects.

To qualify for the matched funds, at least one team member must have been invited to Zuzalu last year and participated for a minimum of one week. The blog post does not state if Zuzalu is happening again this year or provide details on timing or location.

Buterin is supposedly contributing a big portion of the ETH grants, although a representative later backtracked, telling CoinDesk there is no record of Buterin committing funds. His precise involvement is unclear as of now.

The Zuzalu retreat itself is shrouded in some secrecy. It was never announced beforehand and details trickled out after the fact via social media posts. Some paint it as a glorified camp discussing esoteric topics, while others reference a Silicon Valley exclusivity.

But it seemingly made an impression on Buterin and other creators who hope to replicate the temporary community under the Zu-village banner. The requirement of at least one core member who attended Zuzalu 2023 hints at an air of exclusivity around the new pop-ups as well.

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Vitalik Buterin's Zuzalu Retreat Spurs Ethereum-Backed 'Zu-Villages' - What's Behind This Mysterious Gathering? - Cryptonews

Comparisons between Bitcoin and Ethereum have made the topic of many crypto debates, leading to many different conclusions. Bitcoin is the holder of many notable records and achievements, including being the first decentralized cryptocurrency established by Satoshi Nakamoto in 2009, the most valuable digital asset and the one that occupies the largest share in the cryptocurrency market. As a result, Ethereum, which was founded in 2015 by Vitalik Buterin, has always lived in Bitcoins shadow, alongside all the other digital currencies that emerged in its wake, forming the altcoin pack.

Historical cryptocurrency data reveals that the two assets have moved in tandem, with the flagship crypto dictating the price trajectory. Judging by the difference between the current Ethereum price and the Bitcoin price, the latter wins by a landslide. Ethereum always seems to be several steps behind Bitcoin, unable to pose a real threat to its dominance and yank it off its throne.

However, if we delve a bit deeper, we can see that the altcoin leader also showcases a series of strong suits and key metrics that place it at the top of the cryptocurrency hierarchy, in front of its longtime rival, and hodler count is one of the areas where Ethereum excels.

Ethereum hits record number of hodlers in 2023

2023 has been a good year for Ethereum for several reasons. The second-ranked crypto has been on an appreciation journey for the better part of the year, with a 20% gain in the last month and a 38% gain over the past 60 days. Apart from the considerable price increase, Ethereum has also seen a significant surge in hodler numbers.

Hodler is a popular crypto slang term that designates long-term holders of a cryptocurrency. These investors buy and hold onto assets regardless of price volatility, trusting their long-term value and their ability to weather market fluctuations.

According to IntoTheBlock data, addresses that have held Ether for more than 12 months currently make up 72% of all Ethereum holders, reaching the highest level since 2018. At the moment, Ethereum counts approximately 73.9 million long-term holders, after a 44.2% increase, while Bitcoins holder figures stand at 33.6 million.

Hodlers play an important role in the health and performance of digital assets. Coins backed by a large number of holders tend to be less susceptible to market volatility and are generally perceived as more resilient and trustworthy. So, the fact that Ethereums holder community is growing is certainly a positive development for the network.

In addition, Ethereum also outclasses Bitcoin in terms of whales, which refers to persons or entities that own a large amount of a single cryptocurrency, between 1000 and 10,000 coins. By the latest count, the number of Ethereum whale addresses has recently reached 5,370, marking a 12% yearly increase, while Bitcoin whale wallets amount to 1,920.

This proves that Bitcoin is not the only coin boasting record-breaking performances in the cryptocurrency ecosystem. Ethereum outshines the original crypto in many ways, so even though theres still a huge price discrepancy between the two, the top altcoin continues to attract an increasing number of investors.

What prompted Ethereums holder increase?

Not too long ago, Bitcoin used to hold supremacy in hodler numbers as well. Whats more, both Bitcoin and Ethereum have had impressive runs this year and recorded increases in their hodler metrics. So, what exactly caused the tables to turn and lead to such a notable disparity between the two assets?

Ethereums surge in long-term holders can be attributed to a series of factors. One of the most likely causes for the increase is the rise in Ethereum staking registered this year. The amount of staked Ether has nearly doubled since the beginning of 2023, with roughly 24% of all Ethereums circulating supply being locked in staking deposits. Since most staked funds remained untouched for more than 12 months, this led to a major rise in the Holder Ratio.

However, there are other factors that have contributed to the phenomenon which have to do with the purpose and the evolution of the two crypto projects. On one hand, Bitcoin has continued to operate as a deflationary store of value and a peer-to-peer form of digital money, so it hasnt strayed away from its original purpose and use cases.

On the other hand, Ethereum has undergone massive transformations since its launch back in 2013. Designed by Vitalik Buterin as a programable blockchain, Ethereum started its journey as a platform that enables the deployment of decentralized apps (dApps). However, over the years and after multiple upgrades and updates, the Ethereum ecosystem expanded considerably, with applications and use cases spanning across many other areas, including gaming, decentralized finance (DeFi), and non-fungible tokens (NFTs).

Bitcoin is clearly more established and mainstream than Ethereum, having a longer track record in the market and being superior in terms of price performance and scalability. Ethereum is in a weaker position from this point of view, but price action is not the only aspect that attracts investors and drives crypto adoption.

The fact that Ethereum boasts a diversity of use cases and represents a hub for innovation in the crypto sphere has caught the eye of stakeholders and that has led to an increase in hodler numbers.

The Ethereum network also seems to respond better to the changing needs and demands of market participants. The Merge and Shapella upgrades, which saw Ethereum switch from a proof-of-work (PoW) consensus protocol to a proof-of-stake (PoS) mechanism, stand as proof of Ethereums adaptability, flexibility and its constant focus on innovation. These attributes have turned it into a decentralized blockchain powerhouse and continue to draw in more investors and holders.

Final thoughts

Ethereums record number of long-term holders might not be enough to steal the leader position from Bitcoin, so its rather premature to make assumptions about a potential flippening in the near future. However, changes in this key metric serve as an indicator of Ethereums strength and potential and are worth taking into account by crypto enthusiasts.

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Ethereum's record number of hodlers downgrades Bitcoin to second place - Baltic Times

The founder of the decentralised mining network and software development platform Ethereum Vitalik Buterin shared his insights about Ethereum layer 2 of the Ethereum blockchain.

Vitalik shared pivotal points regarding L2 networks which are considered as main scalability tool for the Ethereum Network.

Debate About L2 Layer

The L2 layer on the Ethereum blockchain is a collective term for an Ethereum scaling solution that manages transactions off Ethereum layer 1 while still taking benefit of the robust decentralized security of Ethereum layer 1. Layer 2 is a different blockchain that extends Ethereum.

L2 solution is designed to improve transaction capacity and pace without compromising on the security which is facilitated by the main chain layer1. This proves to be beneficial for the users as it helps users to understand the types of solutions available for their respective issues.

Vitalik engaged in a debate which was about L2s encompassing both rollups and validiums. The users need to understand the different security features where rollups are security-favoring solutions that bundle or roll up transactions into a single proof, which is posted to the main chain. This methodology enables high security, as the L1 blockchain instantly secures them.

Comparatively, rollups are a bit expensive due to their ability to its data on-chain which provides higher security on the other hand Validiums provide an inexpensive alternate option to rollups. The founder of Ethereum Vitalik has suggested that terminology should reflect these distinctions without delegitimizing either option. In the spectrum of L2 solutions, he suggests terms like strong L2 for rollups and light L2 for validiums to enable users to guide their choices better.

Vitalik also cleared that the whole process of L2 solution is not only about security as both rollups and Validiums have intermediate space.

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Vitalik Buterin Interestingly Sheds Light on Ethereum Layer 2 - Coinpedia Fintech News

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A discussion over classifying layer-2 solutions (L2s) has erupted within the Ethereum community after remarks by co-founder Vitalik Buterin.

In response to a post on X by Daniel Wang, founder of Taiko, an Ethereum rollup solution, Buterin said that reliance on external chains makes a system no longer a rollup since assets cant unconditionally be withdrawn if operators collude against users.

Buterin adds, though, that despite the classification, validiums remain suitable for many other applications. Buterin notes that systems relying on external data availability (or DA, as mentioned in the tweet), such as modular blockchain Celestia, are validiums rather than genuine rollups.

Validiums and rollups are scaling solutions for Ethereum that allow more transactions to be processed off-chain, reducing congestion and gas fees.

Rollups batch transactions off-chain while posting data to Ethereum for security, providing scaling through compression. Validiums also enable off-chain transactions but use zero-knowledge proofs for validity without publishing transactions on-chain.

The main difference between the two is data availability. In a rollup, the data is available on-chain, while in a validium, the data is stored off-chain and only a hash is stored on-chain.

This difference makes validiums more efficient and versatile than rollups but also introduces a data availability risk if the data availability providers collude, censor, or go offline. Validiums are administered by a collection of smart contracts deployed on Mainnet, including a verifier contract and a data availability committee.

On the other hand, rollups publish the full data of transactions on-chain, making them more reliable and secure but ostensibly less private than validiums.

In this case, Buterin is proposing critical changes to how layer-2 solutions are classified, introducing a new taxonomy of layer-2 solutions based on more neutral strong and light labels for rollups and validiums, respectively, with the strong label denoting security-favoring solutions, and the light label representing scale-favoring L2s.

This logic is based on two distinct purposes that layer-2 solutions serve: scaling and modularity.

In terms of scaling, rollups offer compression from transaction batching, providing security inherited from layer 1. However, data storage and verification processes limit throughput. Validiums avoid this through zero-knowledge proofs that validate off-chain activity without exposing transaction details on-chain. This enables validiums to scale to higher volumes.

Regarding modularity, solutions like Celestia adopt this approach: data availability is customizable based on specific needs, and validation layers are open to independent deployment. If a classification between light and strong L2s, as Buterin proposes, is implemented, it will affect how modular chains allow customization across data and validation components.

The key difference here is how rollups mandate data availability on Ethereum, maximizing security but reducing modular flexibility. On the other hand, validiums enable adaptable data and validation layers to optimize performance but also open up trust assumptions, potentially lowering transaction security.

Ryan Berckmans, an investor in decentralized payments protocol 3cities, countered Vitalik Buterins proposed taxonomy by asserting that validiums should still be considered layer 2 solutions. Berckmans claims the L2 sector has the flexibility to define terms in ways that maximize usefulness.

To support his position, Berckmans points to L2Beat, a data provider tracking the adoption of layer-2 protocols, which currently categorizes validiums under its umbrella of L2 coverage.

However, L2Beats explainer states that validiums and other models relying solely on validity proofs rather than direct data availability on Ethereum introduce additional trust assumptions and fall outside the scope of rollup-style L2 solutions. By avoiding base layer settlement, L2Beat argues that validiums fail to inherit the security guarantees that define conventional layer-2 implementations.

The arguments reveal inconsistencies that are still present across layer-2 implementations. Projects like L2Beat aim to bring clarity but need help with contradictions as pioneering teams innovate on scaling models that dont neatly fit the current definitions.

Berckmans advocates for a functional taxonomy that includes advanced networks expanding Ethereums throughput and capacity. In contrast, Buterin and L2Beat favor more strict security-oriented criteria that validium tradeoffs fail to satisfy at a conceptual level.

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Vitalik Buterin sparks debate on layer-2 classifications - Crypto Briefing

U.Today - Vitalik Buterin has voiced a new vision for the platform that seeks to address its most pressing challenges and leverage emerging technologies to reinvent Ethereums infrastructure. Central to this vision is a renewed focus on scalability and privacy, fueled by the development of layer-2 solutions and novel privacy technologies.

Buterin acknowledges probably the biggest issue on the network right now high fees. This barrier has not only hindered widespread adoption but also skewed the network toward financial applications, as only users with significant resources can afford to transact during peak times. The proposed solution to this predicament lies in the advancement of rollups. Rollups perform transaction execution outside the main Ethereum chain (layer 1) but post transaction data to layer 1, thereby enhancing the networks capacity while retaining its security.

Source: Vitalik.ethThe advent of rollups, particularly optimistic and zero-knowledge rollups, has been a primary way of reducing fees on the network. These rollups promise to execute a large number of transactions at a fraction of the cost currently required on the main chain, potentially lowering the entry barrier for new users and diverse applications.

Account abstraction is another key component of Buterin's vision. It represents a shift in how user accounts and transactions are managed, offering a more flexible and user-friendly model that could open up new possibilities for application developers.

Light clients, which have been on the backburner for some time, are now closer to fruition. Their role is crucial for enabling users to interact with the Ethereum network without running full nodes, thereby lowering the technical barriers to entry and participation.

The most groundbreaking development highlighted by Buterin is the practical application of zero-knowledge proofs (ZKPs). Once considered a distant future technology, ZKPs are now increasingly developer-friendly and on the verge of consumer application. This technology could revolutionize privacy and scalability on Ethereum by allowing users to validate transactions without revealing underlying information.

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Vitalik Buterin Shares New Ethereum Vision By U.Today - Investing.com

U.Today - Vitalik Buterin, the cofounder of , the second-largest cryptocurrency by market capitalization, has recently made a significant transfer of (USDC), a stablecoin pegged to the U.S. dollar.

According to PeckShield Alert, the Vitalik Buterin-labeled address made a move of 3,300 USDC in the early hours of today.

The reason for the transfer is not far-fetched: the Ethereum cofounder was merely reshuffling funds as the said 3,300 USDC were moved to a new address.

The Ethereum price is dipping alongside the rest of the crypto market, down 5.71% in the last 24 hours to $2,246. The crypto market witnessed a slump after speculations arose about MatrixPort's bearish prediction for spot ETF approval.

Amid the current slump seen on the ETH price, crypto analyst Michael van de Poppe believes that Ethereum is still showing momentum but has a big gap to traverse to be at the same level as Bitcoin. Ethereum might see a bit of consolidation before continuing toward $3,000$3,500 during Q1, 2024.

At the end of 2023, Ethereum cofounder Vitalik Buterin published the Ethereum roadmap going forward, conceding that there are only small differences from the previous year.

Buterin stated in a series of posts on X (previously Twitter) that Ethereum's sustained focus in 2024 will be on six essential components. Buterin expounded on these six parts Merge, Surge, Scourge, Verge, Purge and Splurge in a thorough chart with commentaries and graphics.

Buterin already indicated his intention to revive the original vision of the "cypherpunk" revolution for the Ethereum blockchain, as previously reported.

This article was originally published on U.Today

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Ethereum's Vitalik Buterin Shuffles USDC Funds, Likely Reason By U.Today - Investing.com

The Buterin Cards NFT collection triggered a 13% gas fee increase on the Ethereum (ETH) network. In the past 24 hours, transactions linked to the collection resulted in fees totaling 318.31 ETH, equivalent to $665,670.

As of 3:00 p.m. ET on Dec. 1, transactions linked to a new non-fungible token (NFT) project known as Buterin Cards reportedly accounted for over 13% of the total Ethereum network gas fees within three hours, surpassing fees from the Uniswap universal router address and Tethers public address, according to Etherscan data.

The surge in fees was a consequence of heightened demand for processing transactions associated with the Buterin Cards NFT collection.

The Buterin Cards project seeks to release 2,015 NFTs as a tribute to Vitalik Buterin, the co-founder of the Ethereum blockchain. Utilizing a unique NFT minting process called JPEG mining, the project distinguishes itself by storing image data on-chain, deviating from conventional NFTs that only store metadata on-chain.

To ensure the integrity of the uploaded data and prevent arbitrary uploads, the smart contract verifies data correctness by computing its hash. The projects website explains that thanks to progressive JPEG technology, the NFT image gradually unveils as it undergoes the mining process.

In exchange for their contributions, miners are rewarded with a card featuring an image of Vitalik Buterin at various quality levels, according to the projects website.

In recent times, Ethereum has undergone significant developments, most notably the shift to a proof-of-stake (PoS) consensus mechanism, known as Ethereum 2.0. This transition replaced the energy-intensive proof-of-work (PoW) model, introducing staking, where validators stake 32 Ether (~$50,000) and are randomly selected to add blocks. This change has led to a remarkable 99.9% reduction in Ethereums energy consumption.

The broader Ethereum 2.0 upgrade, consisting of phases like the Beacon Chain, the Merge, and Shard Chains, aims to enhance scalability and security. These adjustments address Ethereums limitations, including scalability and energy consumption.

In terms of market performance, Ethereums price has rebounded, surpassing the $2,000 level and approaching new 52-week highs, reflecting a robust 2023 performance.

Additionally, Ethereum gas fees have experienced fluctuations, reaching their lowest levels since November 2022.

The decrease in gas fees has been attributed to a reduction in on-network activity, resulting in more manageable fees for Ethereum users. Factors influencing these changes include network congestion, Ethereum upgrades, and market speculation.

However, the primary goal has been to enhance scalability and decrease fees. Even though the immediate effects of these upgrades may not be evident, they have also contributed to the fluctuations in gas fees.

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Vitalik Buterin NFTs triggers surge in Ethereum gas fees - crypto.news

Charles Hoskinson (pictured) took the opportunity on Sunday to poke fun at his fellow crypto big-wigs. Photo By Piaras Mdheach/Sportsfile for Web Summit via Getty Images. Sportsfile Collection.

Charles Hoskinson has taken an opportunity to laugh at a well-known crypto industry Most Influential list. The Cardano founder made a comical reference to the correlation between being influential in the crypto industry and ending up behind bars.

Unfortunately for the Cardano founder, Hoskinson was not featured on the 2023 edition of the list, with Vitalik Buterin, the founder of Ethereum, also failing to make the cut. Although, Hoskinsons comments were made before the latest (2023) version of the list was published.

In a post on X, Hoskinson remarked: Fast Fact: appearing on Coindesks Most Influential list carries an 18 percent chance of a prison sentence. The blockchain veteran was referencing a preview post by the digital magazine which referenced its top entrants over the years.

CoinDesk, a leading news source in the crypto world, has been compiling its Most Influential List annually since 2014. This list reflects those who have made a significant impact on the crypto, blockchain, and Web3 spaces over the year. The 2022 edition of the list, like its predecessors, includes a diverse array of individuals from innovators and thought leaders to controversial figures.

Ethereums founder, Vitalik Buterin, leads with four appearances. Following closely are Balaji Srinivasan, former CTO of Coinbase, and the mysterious Satoshi Nakamoto, both making it three times. Notably, Andre Conje, Andreas Antonopoulos, Brian Armstrong, CZ Zhao, Cynthia Lummis, Do Kwon, Gary Gensler, Gavin Andresen, Jack Dorsey, Jeremy Allaire, Jerome Powell, Pieter Wuille, and Sam Bankman-Fried have each appeared twice

On the list are convicted felons Sam Bankman-Fried, whose FTX exchange collapsed in spectacular fashion last year, and Do Kwon, whose TerraUSD stablecoin implosion kicked-off 2022s bear market. Changpeng CZ Zhao is currently looking at potential prison time after admitting serious wrongdoing to the U.S. Department of Justice for his time at the top of Binance.

This year the list includes Caroline Ellison (31) whose testimony helped put FTX founder, Sam Bankman-Fried, behind bars, and Larry Fink (13), the CEO of BlackRock, whose application for a spot Bitcoin ETF helped kick off a new wave of institutional interest in the cryptocurrency. Top of the list this year was Casey Rodarmar, the creator of Bitcoin Ordinals.

The CoinDesk list acknowledges the influence of its listed individuals without necessarily endorsing their actions. As it noted in its 2022 edition, We make no claim that this is a list of the most admirable or admired.

Hoskinsons latest remarks follow weeks of industry insights that have garnered significant attention. Last week, he criticized the U.S. Securities and Exchange Commission (SEC) for its inconsistent treatment of cryptocurrencies. He pointed to Bitcoins preferential status as one of the few cryptocurrencies not labeled a security.

However, he faced backlash for allegedly supporting the SECs decisions when they benefited Cardanos ADA, but not similarly defending XRP. Hoskinson refuted conspiracy theories involving Ethereum (so-called #EthGate) and demanded evidence for accusations of bribery, which have plagued Ethereums non-designation as a security.

Then, a few days later, Hoskinson developed his remarks on Bitcoin in a further AMA video.

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Charles Hoskinson Mocks Crypto Influencer List as Vitalik Buterin Fails to Make the Cut - CCN.com

U.Today - cofounder Vitalik Buterin has an ambitious redesign for the network, which, if implemented, could have profound implications for users and developers. Speaking at Devconnect in Turkey, Buterin outlined a strategy to enhance Ethereum staking and address performance issues that have been persistent thorns in the network's side.

Buterin's vision includes integrating private mempools and ERC-4337. Private mempools could offer users enhanced privacy and security by allowing them to conduct transactions without exposing their intentions to the public mempool where miners could see and potentially exploit them. ERC-4337 refers to account abstraction, allowing users to have more sophisticated control over their accounts, with operations like multisig wallets becoming easier to implement and more secure.

Code precompilation is another feature Buterin is keen on integrating. This could potentially increase the efficiency of smart contract deployment, making them quicker and cheaper to execute by preprocessing some elements of the code.

Liquid staking, a process that allows stakers to liquify staked (or locked) assets, is a feature Buterin wants to see improved. He has expressed concerns over the centralization of liquid staking solutions, which could be a risk for the network if too much control is in the hands of a few entities like . Decentralizing this aspect could democratize the staking process, giving more users the chance to participate without relinquishing liquidity.

The redesign proposes would likely make Ethereum more scalable, secure and efficient. These changes could lower the barriers to entry for new users and developers, fostering a more inclusive and robust ecosystem. The exact impact on Ethereum's price and the broader crypto market is speculative, but typically, improvements that address fundamental issues and enhance usability bode well for the network's value and adoption.

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Vitalik Buterin Wants to Redesign Ethereum, Here's How It Will Affect Everyone By U.Today - Investing.com