Ethereum, the second-largest cryptocurrency globally in market capitalization, is gearing up for major upgrades in the upcoming year. As per the insights shared by Foobar, a DeFi and NFT founder, the platform must prioritize parallelization of transaction processing and elevate the target block size from 15 million gas to 30 million gas. These enhancements are expected to bolster the platform’s performance and cement its position in crypto.
Foobar’s tweet underscores the criticality of Ethereum’s continued dominance as a premier retail platform. The tweet proposes pragmatic solutions, including augmenting the target block size, mitigating congestion, reducing transaction fees, and implementing parallelization to enhance transaction velocity.
The proposed recommendations are in perfect harmony with the ongoing advancements, such as the Shapella upgrade, that strive to augment Ethereum’s efficiency and scalability. Furthermore, the EIP-4844 introduces a novel transaction type for Ethereum, which permits the storage of “blobs” of data in the beacon node for a limited time. These upgrades are indispensable for Ethereum to remain accessible and user-friendly, especially as digital currencies continue to gain widespread adoption.
In recent developments, the escalating gas fees associated with executing transactions on the Ethereum blockchain have raised apprehension among traders. As per Hildobby, a proficient data scientist who divulged insights from Dune, the median ETH gas price has surged to a weekly average of 87 gwei, thereby instilling concerns of potential future hikes.
According to the latest Coinmarketcap data, Ethereum has experienced a challenging day. Currently trading at $1,844.78 with a 24-hour trading volume of $8,531,305,913, Ethereum has seen a 3.28% decline in the last 24 hours, bringing its market cap to $221,991,058,620. Despite having a substantial circulating supply of 120,334,908 ETH coins, investors are keeping a close eye on the market to determine whether the price will continue to decline or if a rebound is imminent.
