The Golden Age of Ethereum - The Daily Gwei #348
As someone who’s been around the Ethereum ecosystem since early 2017 I can safely say that I’ve never been more optimistic about the future than I am today. We’re seeing the first fruits of years worth of work across layer 1 (EIP-1559 and other major upgrades), layer 2 (rollups finally hitting their stride) and the app layer (DeFi, NFTs, DAOs - you name it). We truly are in the golden age of Ethereum. EIP-1559 burning ETH
The Merge progress is accelerating
Layer 2 adoption exploding
NFTs onboarding the world
DAOs continue to mature
It feels good to be an Etherean For me, the most exciting thing about all of this is that it really feels like the Ethereum ecosystem is a “city that never sleeps”. There is always something happening no matter what time of the day it is and you can quite literally use the network whenever you want; wherever you want. Obviously this is quite similar to how the web has worked for a long time but we’ve never had an always on and decentralized value transfer system - this is, at least to me, the most exciting innovation that Ethereum brings to the world. On that note, let’s dive into some of the exciting things happening in Ethereum right now. Let’s start with ‘The Merge’ which is making amazing progress with most of the people involved in both the consensus layer and execution layer development now focusing their efforts on getting the merge completed. From what I can tell, most of the core research is done and client teams seem to now be making progress on building out the functionality (with devnets and testnets to go live over the coming months). Of course, we’re still a little while away from the merge hitting mainnet (Q1/Q2 2022), but I trust that the researchers and developers will spend as much time as they need to make sure everything goes smoothly and securely. After all, this will be the biggest upgrade in Ethereum’s history - we want to get it right. One thing that has become a lot clearer for the entire ecosystem over the last few months is exactly how Ethereum will scale. Rollups (and zero knowledge tech) are the current Schelling point that all scalability researchers/developers are working on and there also seems to be a general consensus that the ‘modular blockchain’ design is the one Ethereum should strive for (more on that here). On top of this, we also have data sharding coming some time in the future that will work to enhance these data-hungry rollups to give them even more scale. Though, even before then, we have hybrid solutions such as Validium’s and Volition’s that allow for great scale at the cost of some security (as they keep data off-chain). NFTs have become the best and easiest onboarding vehicle for non-crypto native people. What makes NFTs extra special is that they’re a different type of onboarding vehicle as they’re much friendlier to newer people since the NFT ecosystem isn’t filled with complicated financial terms like DeFi is. On top of that, NFT collecting and trading is just a lot more fun and intuitive to the average person than financial activities are - I mean, when does the average person ever provide liquidity for anything in the traditional finance system? Though don’t get me wrong - I still think DeFi is going to be massive - but it won’t be the “front door” for most people getting into crypto. Finally, we now have many different forms of DAOs that exist within the Ethereum ecosystem from old-school ones like Maker to new-age ones like those found in the ‘social token’ ecosystem. There is a through-line here though - all these DAOs are focused on improving social and economic coordination between worldwide participants - all without a centralized intermediary. When it comes to DAOs, I like to take the approach of ‘letting a thousand flowers bloom’ as this allows for rapid experimentation, innovation and ultimately, progress. This is just a brief view into why I believe we’re in the golden age of Ethereum and I haven’t even touched on things like DeFi and the emerging social token ecosystem. Of course, not every use-case Ethereum comes up with will succeed long-term (pour one out for ICO’s), but as an ecosystem we learn over time which ones are sticky and which ones are fleeting. Because after all, Ethereum is the infinity network. Have a great day everyone, Enjoyed today’s piece? I send out a fresh one every week day - be sure to subscribe to receive it in your inbox! Join the Daily Gwei EcosystemIf you liked this post from The Daily Gwei, why not share it? |
Older messages
The Inverse Nation State - The Daily Gwei #347
Friday, October 1, 2021
Ethereum is easy to join but hard to dominate.
Coming to Consensus - The Daily Gwei #346
Thursday, September 30, 2021
Exploring the consensus layer (formerly known as "eth2").
Healthy Competition - The Daily Gwei #343
Thursday, September 30, 2021
Competition in crypto is fierce - but that doesn't mean that it has to be unhealthy.
Fax Machine Maximalists - The Daily Gwei #344
Thursday, September 30, 2021
Don't bet against innovation.
Growth Hacks - The Daily Gwei #345
Thursday, September 30, 2021
Show me the incentives and I'll show you the outcome.
You Might Also Like
Bitcoin’s sudden dip under $95k incurs $180 million in trader losses, stalls $100k momentum
Monday, November 25, 2024
Turbulent hour for traders as Bitcoin slip below $95000 incites major liquidations for crypto traders. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
📈 BTC and ETH futures open interest on exchanges hit record-highs; Crypto.com acquired financial exchange and bro…
Monday, November 25, 2024
BTC and ETH futures open interest on exchanges hit record-highs; Crypto.com acquired brokerage firm Charterprime and extends its Visa card to Latin America; Options on US Bitcoin ETFs began trading. ͏
President Trump To Privately Meet With Coinbase CEO
Monday, November 25, 2024
We bring you the top stories in crypto every week! Stories like... Monday Nov 25, 2024 Sign Up Your Weekly Update On All Things Crypto TL;DR Welcome to this week's edition of CryptoWeekly Recap,
Mingdao: Transforming Illusions into Reality - Discussing MicroStrategy's Grand Strategy
Monday, November 25, 2024
MicroStrategy has truly hatched the biggest golden egg in this crypto cycle, with paper profits exceeding $15 billion in less than two years. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Finish signing in to Crypto.com DeFi Research
Monday, November 25, 2024
Here's a link to sign in to Crypto.com DeFi Research. This link can only be used once and expires in one hour. If expired, please try signing in again here. Sign in now © 2024 Crypto.com 1
Polymarket: A revolution in prediction markets
Sunday, November 24, 2024
CryptoSlate's latest report explores Polymarket's evolution, its role in high-stakes prediction events like US elections, and the impact of its controversies on its market position. ͏ ͏ ͏ ͏ ͏ ͏
Asia's weekly TOP10 crypto news (Nov 18 to Nov 24)
Sunday, November 24, 2024
The Japanese government has announced plans to advance a new economic stimulus package, expected to receive approval by the end of 2024. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
A Distinctive Black Flag Brand | Black Flag DAO Weekly Rollup
Saturday, November 23, 2024
Catch Up With What Happened This Week in Black Flag DAO ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Blockchain Association urges Trump to tackle crypto reform in first 100 days
Saturday, November 23, 2024
The association sent a letter with five priorities to the President-elect, including regulatory clarity and ending crypto firms' "debanking." ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Weekly Project Updates: SOL Reaches New All-Time High, Magic Eden to Hold TGE on December 10, 10 Trillion BONK Tok…
Saturday, November 23, 2024
Bloomberg ETF analyst James Seyffart shared that Cboe has filed applications with the SEC for four Solana spot ETFs, with issuers being VanEck, 21Shares, Canary Capital, and Bitwise. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏