- Vitalik Buterin’s new upgrade will lower the network’s gas fees up to five times through the implementation of EIP-4488.
- Based on official documentation, Ethereum will dock with Beacon chain in the first half of 2022.
- As layer-2 adoption continues to explode, there is a spike in transaction fees on the Ethereum network.
- Total value locked across layer-2 protocols has increased 700% over the past three months.
Reducing the Ethereum network’s transaction fees is akin to removing the hurdle in further scaling and adoption of layer-2 solutions. Proponents expect Ethereum price to go parabolic after the next big upgrade.
Ethereum price set to explode with new upgrades in the network
Ethereum co-founder Vitalik Buterin recently put forth a proposal to reduce the transaction fees on the ETH network by five times. Ethereum Improvement Proposal (EIP)-4488 is Buterin’s idea to leverage the network and decrease transaction calldata.
Buterin said,
Decrease transaction calldata gas cost, and add a limit of how much total transaction calldata can be in a block.
On November 24, Buterin pushed the proposal forward on Github. The solution will decrease the transaction cost significantly, as much as five times. Currently, rollups like Optimistic use the scheme “calldata.”
Tim Beiko, a core developer at the Ethereum network, discussed the possible solutions to tackle Ethereum’s high transaction cost in a thread on Twitter.
And that was it! Next call, again, the last of 2021!, is scheduled for December 10th, 14:00 UTC. See you then
— Tim Beiko | timbeiko.eth (@TimBeiko) November 26, 2021
The last call of Ethereum developers in 2021 is scheduled for December 10; the team is likely to discuss the possibility of implementing the big upgrade on the Ethereum network.
Ethereum options have peaked, and the number of call options with an exercise price of $5,000 is the highest. Historically, a high number of Ethereum call options implies that there is a spike in the altcoin’s adoption. It is indicative of an upcoming Ethereum price rally.
FXStreet analysts have evaluated the Ethereum price trend and predicted that the altcoin would break all resistance barriers. Analysts have set the next price target at $5,000.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.