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
Polymarket’s accurate forecast of Trump win highlights gaps in mainstream media, pollsters
Thursday, November 7, 2024
Polymarket's swift Trump prediction showcases the dynamic efficiency of decentralized markets over established media. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Reminder: President Biden Calls Nigerian PM To Secure Binance Executive Release
Thursday, November 7, 2024
We bring you the top stories in crypto every week! Stories like... Monday Nov 4, 2024 Sign Up Your Weekly Update On All Things Crypto TL;DR President Biden Calls Nigerian PM To Secure Binance Executive
Bybit COO Helen: Inside the Second Largest Crypto Exchange
Thursday, November 7, 2024
Helen Liu is an atypical executive in the crypto exchange world. She comes from a human resources background and was new to crypto when she joined the exchange. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
US Bitcoin Reserve asset, Freeing Ross Ulbricht, Firing Gary Gensler… Time for Trump to deliver
Wednesday, November 6, 2024
Trump's crypto-friendly agenda promises a seismic shift in US digital assets strategy, driving Bitcoin to record highs. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
DeFi & L1L2 Weekly — 📈 Polymarket hits US$2.5 billion in volume amidst the US presidential election; TON Foundat…
Wednesday, November 6, 2024
Polymarket hits a record of $2.5 billion in volume amidst the US presidential elections. TON Foundation launches Society DAO to enhance decentralised governance. Swell launches optimistic rollup in Op
DeFi & L1L2 Weekly — 📈 Polymarket hits US$2.5 billion in volume amidst the US presidential election; TON Foundati…
Wednesday, November 6, 2024
Polymarket hits a record of $2.5 billion in volume amidst the US presidential elections. TON Foundation launches Society DAO to enhance decentralised governance. Swell launches optimistic rollup in Op
Mining News in October:Ethiopia Becomes Mining Concentration, Northern Data Plans to Divest Mining Business, Bitco…
Wednesday, November 6, 2024
Title sponsored by Bitdeer, a NASDAQ-listed mining company. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
US markets, Bitcoin poised for rally regardless of elections outcome
Tuesday, November 5, 2024
Fundstrat's Tom Lee sees year-end rally as election uncertainty fades, while Bernstein predicts Bitcoin's resilience and potential growth to $200000 by 2025 amid fiscal challenges. ͏ ͏ ͏ ͏ ͏ ͏
Crypto Market & Polymarket Dynamics Heading into Elections
Tuesday, November 5, 2024
Coin Metrics' State of the Network: Issue 284 ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
OneKey: How Can the Latest Mac Trojan Steal Your Crypto Wallet in 10 Seconds?
Tuesday, November 5, 2024
It's commonly said in the crypto world that Apple computers are safer than Windows systems, but nothing is completely secure. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏